Shiba Inu Passes Dogecoin as No. 10 Cryptocurrency

Shiba Inu has entered into the top ten most valuable digital assets by market value, "hitting $40 billion and surpassing its cousin and inspiration, Dogecoin," reports Bloomberg. From the report: Shiba was up another 10% at midday on Monday and has doubled in value in the past week. Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%. Even with its recent meteoric rise -- it's up about 900% in the past month -- each Shiba coin costs just a tiny fraction of one cent. If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000. Shiba's rise is similar to Dogecoin's ascent in the spring, when it caught fire and rose jumped from around 5 cents to 57 cents between April 7 and May 7. Like many other crypto currencies, Shiba is shrouded in mystery. According to its white paper -- or "Woof Paper," in this case -- the token was started in 2020 by an anonymous person or group named "Ryoshi." The paper, which describes how Shiba and its progeny works, is also peppered with soaring-but-vague platitudes about community, freedom, revolution and destroying traditional paradigms. A person with limited background knowledge of technology and blockchain vernacular would be hard pressed to decipher much of the technical wording in the white paper.

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