A rival ‘meme token’ to Dogecoin, just hit a record high and is close to overtaking it.

Shiba inu, a dogecoin spinoff, is close to surpassing Elon Musk’s favorite cryptocurrency.

The digital token has surged 30% in the last 24 hours, according to data from CoinGecko, hitting a record high above $0.00006. It has more than doubled in price in the last week.

With a market capitalization of more than $29 billion, shiba inu is now the 11th-largest cryptocurrency. Dogecoin is the 10th biggest, with a market cap of $31 billion.

Dogecoin was down 11% in the last 24 hours, according to CoinGecko data.

What is shiba inu?

Shiba inu is a so-called meme token that bills itself as a “dogecoin killer.” It takes its branding from the same internet meme dogecoin is based on, using the image of a Japanese shiba inu dog.

Source: www.cnbc.com


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