Shiba Inu has surpassed Dogecoin as the most popular cryptocurrency “dog.”

Dogecoin has been eclipsed as the most popular cryptocurrency “dog” by the Shiba Inu.

Cryptocurrency is no longer relevant.

The recent trading frenzy surrounding Shiba Inu – often known as a “meme” or “joke coin” – has propelled the dog-themed cryptocurrency into the top ten most valuable digital assets by market value, surpassing its cousin and obvious inspiration, Dogecoin.

Shiba’s value had more than doubled in the previous week and was up another 10% by lunchtime Monday. The majority of the gain came in a single day of trading on Wednesday, when it increased by 66 percent.

Despite its recent spectacular climb – it’s up over 900 percent in the last month – each Shiba coin is only a fraction of a cent. In late September, if you purchased $1,000 worth of Shiba, your 20 million coins would be worth roughly $9,000.

Due to the heightened volatility of the cryptocurrency market, Shiba, like most cryptocurrencies, is not generally used for business transactions and is seen as a high-risk, speculative investment by most analysts and investors. Experts urge investors to avoid investing in a company with an unknown CEO and that appears to be dormant.

Due to the heightened volatility of the cryptocurrency market, Shiba, like most cryptocurrencies, is not generally used for business transactions and is seen as a high-risk, speculative investment by most analysts and investors. Experts urge investors to avoid investing in a company with an unknown CEO and that appears to be dormant.

Lee Reiners is a crypto skeptic who teaches Duke University’s School of Lqz: Reiners isn’t shocked by Shibq’s recent growth:

Reiners remarked, “This is what happens when there is a lot of speculation in things that have no basic value.”

Investors may be familiar with this story. This year, Bitcoin’s value has doubled twice, with a severe decrease in the midst, and it now trades for more than $60,000 per coin. GameStop’s stock rose from roughly $17 in early January to $483 by the end of the month, mirroring Shiba’s gains. For a long time, it’s been lingering around $180.

While Shiba is currently the most popular cryptocurrency, it is not yet available for trading on more established platforms. According to a petition on Change.org with nearly 450,000 signatures, the smartphone trading site Robinhood is being urged to allow Shiba trades. Dogecoin and other cryptocurrencies are currently tradeable on Robinhood. Vladimir Tenev, the company’s CEO, told investors last week that the company would “seriously examine if we can add new coins in a way that is secure for customers and complies with regulatory norms.”

Stronger crypto market regulation is on the way, but the exact date is unknown. The chairman of the US Securities and Exchange Commission, Gary Gensler, said in August that the crypto sector lacks adequate investor protection, comparing it to “the Wild West.”

It’s unclear if the current surge in Shiba and other digital assets is due to a lack of regulation. The “small guys,” or retail investors, appear to be leading the charge.

Shiba’s median deal size on that busy Wednesday, according to Kyle Waters, a research analyst at blockchain statistics and analytics firm Coin Metrics, was $115. This “strongly suggests,” according to Water, that the average Shiba trading on Coinbase is a modest retail dealer.

Shiba’s growth is reminiscent to Dogecoin’s spectacular climb in the spring, when it went from about 5 cents to 57 cents between April 7 and May 7.

Shiba, like many other crypto currencies, is shrouded in secrecy. According to the white paper – or “Woof Paper” in this case – the token was released in 2020 by an unidentified person or organization known as “Ryoshi.” The paper, which outlines how Shiba and its descendants operate, is full of lofty but unclear clichés about community, freedom, revolution, and the demise of conventional paradigms.

For someone with only a rudimentary understanding of technology and blockchain jargon, much of the technical language in the white paper would be impossible to decipher.

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