There's another dog-themed cryptocurrency on Italythe 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.
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Whether or not that means anything beyond a possible bubble is unclear.
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But bubble or no, Wednesday's flippening makes clear that Dogecoin alone can't satisfy the appetite for meme coins. Woof.