Over the past several days, the value of Shiba InuSHIBUSD -0.80%, a cryptocurrency that is essentially based on a meme of a meme, has risen. Perhaps crypto will have the last laugh.
Shiba Inu's price has increased by about 25% since late Tuesday, from a little over ten-tenths of a cent per token to over twelve-tenths of a cent, bringing the year's gains to over 50%. The increase has also helped the dog-meme-themed DogecoinDOGEUSD -0.23% rise by roughly 8%, outpacing the largest cryptocurrency, BitcoinBTCUSD +0.13%, which has been unchanged during the same time period.
Shiba Inu is an example of a "memecoin," a cryptocurrency that was first developed as an online joke rather than a significant blockchain project like Bitcoin or Ethereum.
Shiba Inu, which was founded in August 2020, makes reference to Dogecoin, another memecoin that itself makes reference to an internet meme featuring a Shiba Inu dog that is ironically referred to as "doge." It's nearly as difficult to understand as blockchain technology.
Shiba Inu, which is already the 13th-largest cryptocurrency and has a market cap of about $7 billion, might be taking things more seriously. This time, traders might not be investing heavily in the coin just as a result of memes.
Shiba Inu developers unveiled plans for the "Shibarium" this week, including strategies for launching a layer-2 blockchain that will significantly expand the Shiba Inu ecosystem and sit atop another network, in this case Ethereum. Shiba Inu currently sits atop the network supporting Ether, the second-largest digital asset, together with its peer coins in the Shib universe dubbed Bone and Leash.
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