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.

Read more of this story at Slashdot.

Source: Slashdot – Shiba Inu Passes Dogecoin as No. 10 Cryptocurrency