Shiba Inu meme cryptocurrency poised to eat Dogecoin's lunch
There's another dog-themed cryptocurrency on the block, and Dogecoin better take note. Say hello to Shiba Inu (SHIB), a meme coin gunning for Dogecoin — which itself is a meme coin created to mock cryptocurrency — that's skyrocketed in value since Coinbase listed it on the exchange in September. As of Wednesday afternoon, according to CoinMarketCap, SHIB's $32 billion market cap was officially larger than Dogecoin's $31 billion. Yes, a seemingly joke coin ripping off another joke coin is now worth billions of real dollars.  Woof. Credit: screenshot: coinmarketcap The Ethereum-based token was launched in August of 2020. Shiba Inu's pseudonymous creators style it as a visionary project, one that's part of a much larger movement. "We started from zero, with zero," boasts the latest version of the project's "WoofPaper" (aka white paper). "Shib has clearly become one of the most successful, fully-decentralized cryptocurrency experiments in history." Just how successful is the Shiba Inu coin experiment? Well, its price has jumped 60,000,000 percent this year, reports CNN. And no, that's not a typo. Tweet may have been deleted Whether or not that means anything beyond a possible bubble is unclear. SEE ALSO: Say hello to Yats: Why investors are paying thousands to 'own' emoji But bubble or no, Wednesday's flippening makes clear that Dogecoin alone can't satisfy the appetite for meme coins. Woof. Related video: How to buy, use, and spend Bitcoin |