Dogecoin, watch out! ‘Shiba inu’ token muscles into cryptocurrency top 10

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 180% in the last seven days, according to CoinMarketCap, leapfrogging dogecoin to become the 8th most valuable cryptocurrency with a total value of $42 billion.

However, trade is volatile – by 1408 GMT shiba inu had given up around half its earlier gains but was still up by a quarter over the 24 hour period.