Dogecoin killer’ Shiba Inu pushes way into crypto top 10

Meme-based cryptocurrency Shibu Inu, which likes to refer to itself as the “dogecoin killer,” has proven that there is more than one dog in the cryptocurrency race after soaring 45% in 24 hours, securing its spot in the top 10 largest digital tokens by market capitalization.

Shiba Inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.

Yet its price has rocketed around 160% this week, according to CoinMarketCap, leapfrogging dogecoin to become the No. 8 cryptocurrency, with a $42 billion capitalization.

“It seems driven by fad buyers hoping to get in now and flip later to what will need to be a new series of buyers at even higher prices,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

“This makes it closer to a collectible market than a currency market, and as such determining value with traditional analysis seems impossible.”

Trading in Shiba Inu is volatile, and by midday New York time it had given up most of the day’s gains, but was still up around 7%.

Source: https://www.dailysabah.com/business/finance/dogecoin-killer-shiba-inu-pushes-way-into-crypto-top-10