Cryptocurrencies


Dogecoin crypto news Shiba Inu Passes as No. 1 Cryptocurrency

 



Shiba Inu Is New Meme Coin of the Moment


Dogecoin crypto latest news.

Silver Spring, Md. (AP) -- Cryptocurrency has officially gone to the dogs.

The recent trading frenzy over a digital token called Dogecoin crypto news 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.

IST 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 was up another 10% at midday on Monday and has doubled in value in the past week.

Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%. Even with its recent meteoric rise - it's up about 900% in the past month - each Shiba coin costs just a tiny fraction of one cent. If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000. Dogecoin crypto news

Like most cryptocurrencies, Shiba is not commonly used for commercial transactions and is considered by most experts and investors to be a high-risk, speculative bet due to the broader atilit of the crypto market.<

Experts warn that investors need to be cautious about putting money into something with anonymous leadership that appears to have little functional use.

Lee Reiners, an outspoken crypto skeptic, teaches fintech and cryptocurrency courses at Duke University School of Law. Reiners said he's not surprised by Shiba's 

Shiba was up another 10% at midday on Monday and has doubled in value in the past week. Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%. Dogecoin crypto news

Even with its recent meteoric rise — it's up  900% in the past month — each Shiba coin costs just a tiny fraction of one cent. If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000.

Like most cryptocurrencies, Shiba is not commonly used for commercial transactions and is considered by most experts and investors to be a high-risk, speculative bet due to the broader volatility of the crypto market. Experts warn that investors need to be cautious about putting money into something with anonymous leadership that appears to have little functional use.

Lee Reiners, an outspoken crypto skeptic, teaches fintech and cryptocurrency courses at Duke University School of Law. Reiners said he’s not surprised by Shiba’s recent spike.

“This is what happens when you have massive speculation in assets with no intrinsic value,” Reiners said.

Investors might be thinking this story sounds familiar. Bitcoin has doubled in value twice this year — with a rapid plunge in between — and now sells for more than $60,000 per coin. Among stocks, GameStop had a surge that rivals Shiba's, rocketing from about $17 per share in early January to $483 later that month. Lately, it's consistently traded around $180. Dogecoin crypto 

In cryptocurrencies, Bitcoin prices today declined to trade below $62,000 mark. The world's largest cryptocurrency by market capitalization was down over 1% to $61,946. The most popular digital token is up 114% this year (year-to-date) so far after hitting a record high of near $67,000 in October. 

Ether, the coin linked to ethereum blockchain and the second largest crypto, also plunged nearly 1% to $4,531 whereas dogecoin fell over 3% to $0.26. Other digital tokens like XRP, Cardano, Uniswap, Litecoin, Polkadot were also trading with cuts over the last 24 hours.

 Meanwhile, Shiba Inu tumbled over 23% at $0.000046, falling below dogecoin in terms of market cap after surpassing the same recently. However, Solana, Binance Coin and Tether rose marginally.

 Inflows into crypto funds slumped more than 80% to $288 million last week as bitcoin futures exchange-traded funds (ETFs) failed to see much action, according to digital asset manager CoinShares.

 For the week ended 29 October, inflows into Bitcoin ETFs cooled with only $53 million from US investors last week.

Bitcoin has more than quadrupled in the past year and reached a record near $67,000 last month amid optimism 

around the debut of Bitcoin futures-backed exchange-traded funds in the US, and waning concerns about issues like China’s crackdown on the digital-asset space.

While Shiba is the current white-hot cryptocurrency, you can’t trade it through more traditional brokers — yet. A petition with more than 450,000 signatures on Change.org is pushing for the mobile trading app Robinhood to start allowing Shiba trades.

Robinhood currently allows trading of Dogecoin and other cryptocurrencies. 


Its CEO Vladimir Tenev told investors last week that the company would “carefully evaluate whether we can add new coins in a way that’s safe for customers and in line with regulatory requirements.”

Stronger regulation of the crypto markets seems inevitable, but it's unclear when it might happen. The chair of the U.S. Securities and Exchange Commission, Gary Gensler, said in August that the world of crypto doesn’t have enough investor protection and compared it to "the Wild West.”

Whether that lack of regulation is driving the recent spikes in Shiba and other digital assets is not clear. 

What seems apparent though, is that retail investors — the little guys — are leading the way.

Kyle Waters, a research analyst at the blockchain data and analytics firm Coin Metrics, said the median trade size of Shiba on that busy Wednesday was $115. 

That’s “highly suggestive” that the typical Shiba trader on Coinbase is a small retail trader, Water said.

newsDogecoin's ascent in the spring, when it caught fire and rose jumped from around 5 cents to 57 cents between April 7 and May 7.

Like many other crypto currencies, Shiba is shrouded in mystery. According to its white paper — or “Woof Paper,” in this case —Dogecoin crypto news the token was started in 2020 by an anonymous person or group named “Ryoshi.” The paper, which describes how Shiba and its progeny works, is also peppered with soaring-but-vague platitudes about community, freedom, revolution and destroying traditional paradigms

A person with limited background knowledge of technology and blockchain vernacular would be hard pressed to decipher much of the technical wording in the white paper


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