Meme-teoric: 'Shiba inu' tokens gain 87,000,000% in a year

Bitcoin, the biggest cryptocurrency with a market cap of $1.2 trillion, was up a little over 4 per cent on Thursday, but below the record high it hit last week

Dogecoin, watch out! Meme-based cryptocurrency shiba inu soared more than 45 per cent over the last 24 hours, muscling its way into the top-10 largest digital tokens by market capitalisation. Shiba inu is a spinoff of dogecoin, itself born as a satire of a cryptocurrency frenzy in 2013, and has barely any practical use.

Yet, its price has rocketed around 190 per cent in the last seven days, according to CoinMarketCap, leapfrogging dogecoin to become the 8th most valuable cryptocurrency with a total value of $44 billion.

Bitcoin, the biggest cryptocurrency with a market cap of $1.2 trillion, was up a little