Shiba Inu passes Dogecoin as top “dog” in cryptocurrency

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Cryptocurrency has officially gone to the dogs. The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin. Shiba has doubled in value in the past week, thanks in part to a whopping 66% gain on Wednesday amid a flurry of volume. Even though it’s up about 900% in the past month, each Shiba coin costs just a tiny fraction of one cent.