Dogecoin watch out! "Shiba inu" token muscles into cryptocurrency top 10

Tom Wilson
·1 min read

By Tom Wilson

LONDON, Oct 28 (Reuters) - Dogecoin, watch out!

Meme-based cryptocurrency shiba inu soared more than 45% over the last 24 hours, muscling its way into the top ten largest digital tokens by market capitalisation.

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 it's price has rocketed around 190% in the last seven days, according to CoinMarketCap, leapfrogging dogecoin to become the 8th most valuable cryptocurrency with a total value of $44 billion.

Bitcoin, the biggest cryptocurrency with a market cap of $1.2 trillion, was up a little over 4% on Thursday, but below the record high it hit last week.

Known as "shib" to a growing army of retail investors, Shiba inu coins are worth fraction of a cent. Its website calls it "a decentralised meme token that has evolved into a vibrant ecosystem".

Driving the gains, analysts said, is the promise of quick gains - also a factor behind the broader explosion of cryptocurrencies during the COVID-19 pandemic. Others said crypto-specialist market makers were trading large volumes of the token "People are always looking for 'the next Bitcoin'," said Mati Greenspan, founder of crypto analysis and advisory firm Quantum Economics. "Get rich quick is a very powerful motivator." (Reporting by Tom Wilson; Editing by Kirsten Donovan)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Gene variants linked to pesticide exposure may increase risk of Parkinson's

    It's long been known that exposure to agricultural pesticides can greatly raise a person's odds for Parkinson's disease. New genetics research now reveals those who might be most vulnerable.

  • AI could boost Canada's lagging productivity: Microsoft Canada president

    TORONTO — When the head of Microsoft Canada needed to write a letter of interest as part of an application to join a not-for-profit board, he decided to put the tech giant's software to the test. Chris Barry commanded Copilot, the firm's generative artificial intelligence service, to craft a five-paragraph missive based on his LinkedIn profile that was so good he only had to remove one word before sending it. "I omitted one adjective that was a little over the top, a little too much, not quite m

  • FTC sends $5.6 million in refunds to Ring customers as part of video privacy settlement

    The Federal Trade Commission is sending more than $5.6 million in refunds to consumers as part of a settlement with Amazon-owned Ring, which was charged with failing to protect private video footage from outside access. In a 2023 complaint, the FTC accused the doorbell camera and home security provider of allowing its employees and contractors to access customers' private videos. Ring allegedly used such footage to train algorithms without consent, among other purposes.

  • Asylum seeker ‘inspired by Gaza revenge’ guilty of murdering pensioner in street

    Ahmed Alid stabbed Terence Carney six times in Hartlepool town centre on October 15 – eight days after Hamas attacked Israel.

  • Kamala Harris Secret Service agent removed for exhibiting ‘distressing’ behaviour

    There was ‘no impact’ on the vice-president’s departure from the military air base

  • Comcast Q1: Broadband subscriber loss weighs on stock

    Shares of Comcast (CMCSA) are trading lower Thursday, after the media giant reported its first quarter results. While the company added 3 million paid subscribers to its streaming platform Peacock, it reported a wider-than-expected loss in broadband customers. However, the cable company's earnings did top estimates. Yahoo Finance's Brad Smith and Seana Smith break down the details of Comcast's quarterly performance, dissecting the factors behind the company's strengths and weaknesses. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith

  • Megan Rapinoe Says She Plans See Multiple Caitlin Clark Games This Season: ‘I’m Just as Big a Fan as Anyone’

    The retired USWNT star said she plans to see Clark and the Indiana Fever play in Seattle and New York this season

  • Slain Chicago police Officer Luis Huesca's sister pleads for public to help in catching the killer: 'The pain is unbearable'

    Describing her family's pain as "unbearable," the sister of slain Chicago police Officer Luis Huesca is pleading with the public to help investigators identify and catch a suspect who allegedly gunned him down and stole his gun and car as he arrived home from work. Huesca's sister, Lily O'Brien, said she had asked her 30-year-old bother to move across the country to be close to his nieces and nephews, but said he decided to stay in Chicago and protect his community. "He chose to stay here, which is why I feel like the community needs to show up for him the same way because he paid with his life to stay here," O'Brien told Chicago ABC station WLS this week.

  • 25 States With the Highest Credit Card Debt in the US

    In this piece, we will take a look at the 25 states with the highest credit card debt in the US. If you want to skip our overview of US consumer spending and recent economic trends that should worry consumers, analysts, and policy makers, you can take a look at the 10 States With the […]

  • Tropics are waking up with the first disturbance of 2024

    The National Hurricane Center issued the first tropical outlook of the 2024 hurricane season early Thursday morning.

  • Nathan Fillion Has a Message for 'The Rookie' Fans as the Show Announces News About Its Future

    'The Rookie' star Nathan Fillion spoke out on Instagram after ABC announced the drama got picked up for season 7.

  • Honda to get up to $5B in government assistance for EV battery, assembly plants

    Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that will include up to $5 billion in public money. The two plants are expected to create 1,000 jobs on top of retaining the existing 4,200 jobs at the assembly plant. Once the vehicle facility is fully operational in 2028, it is set to produce up to 240,000 vehicles per year. Prime Minister Justin Trudeau

  • Juno reveals 'smooth as glass' lava lake on Jupiter's moon, Io

    Images from NASA's Juno probe have revealed some surprising details about Io's tortured volcanic surface.

  • Leafs' announcer slams home crowd as 'very disappointing'

    Longtime Leafs' radio announcer Joe Bowen wasn't shy about his frustration with a listless crowd at Scotiabank Arena Wednesday night, as the team dropped game three of its first-round playoff series with the Boston Bruins.Bereft of many opportunities for his signature "Holy Mackinaw" goal call as the Leafs skaters were held to just two goals — continuing a recent trend over the last several playoff games where the team can't seem to score — Bowen teed off on the crowd for being quiet."The idea o

  • U.S. labor secretary says UAW win at Tennessee Volkswagen plant shows southern workers back unions

    ATLANTA (AP) — Workers at auto plants in the South should be free to unionize without pressure from employers or anti-union governors, acting U.S. Labor Secretary Julie Su said Thursday, even as some southern states pass laws to inhibit organized labor. “That choice belongs to the worker, free from intervention, either by the employer or by politicians, free from retaliation and threats,” Su told The Associated Press in an interview Thursday in Atlanta. "And what we are seeing is that workers wh

  • Euro zone government bond yields rise after sticky US inflation

    Euro zone bond yields rose to a fresh five-month high on Thursday after a measure of U.S. inflation accelerated more than expected in the first quarter, reinforcing bets that the Federal Reserve would not cut interest rates before September. Germany's 10-year bond yield, the benchmark for the euro zone, rose 5 basis points to 2.63%, briefly touching its highest level since November. The U.S. 10-year yield surged to its highest since early November and was last 6 bps higher at 5.71%.

  • Gay actor's speech back on at Pennsylvania school after cancellation over his 'lifestyle'

    MECHANICSBURG, Pa. (AP) — A gay actor’s speech that was canceled over his “lifestyle” is back on at a Pennsylvania school after residents spoke out. The Cumberland Valley School District’s board voted 5-4 Wednesday night to allow children’s book author Maulik Pancholy, who is gay, to speak against bullying during a May 22 assembly at Mountain View Middle School. The board voted after hearing from residents, including more than a dozen students. The board on April 15 unanimously canceled Pancholy

  • Installed Building Products (IBP) Appreciated 45.0% in Q1

    Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund had a strong performance in the quarter and generated a gain of 8.28% (Institutional Shares). The Fund beat both the MSCI US REIT Index (the REIT Index), […]

  • 'Pearl Skin' is the soft-focus beauty trend you need to try

    Everything you need to know about the lit-from-within look - Read more

  • Pending home sales in March rise to strongest clip in a year — but just barely

    Homebuyers geared up for the spring despite elevated mortgage rates and prices, with pending transactions rising in March to the strongest pace in a year.