The cryptocurrency market is headed for rocky ground in what could be the “love month” of the year, but some investors have invested heavily in prominent memecoins such as Floki, Shiba Inu and Baby Doge Coin. For those investors who went, January will be a happy memory.
Baby Doge Coins? You may ask.
yes. Similar to Dogecoin and Shiba Inu, Baby Dogecoin (BABYDOGE) is a meme-based cryptocurrency. Baby Doge is a comical cryptocurrency held in over 300,000 wallets and considers itself a “community coin”.
Introduced in 2021, a total of 420 trillion tokens have been issued with an initial reported price of just $0.00000000175.
CoinMarketCap data shows all current total values. baby doge Tokens are $691 million, assuming all 420 trillion tokens exist.
Image: MEXC Blog
Baby Doge taking giant steps
At the time of writing, 5 February 2023, baby doge It is trading at $0.000000002860, up 116.0% over the past 7 days, according to Coingecko data. A little known fact is that Memecoin is up 22% in the last 24 hours alone.
According to Woof Paper, Baby’s purpose is to make cryptocurrency accessible to the masses and help dogs in need (real dogs, of course).
At one point, the token earned over 3,500% and the company behind it donated to multiple animal charities.
Baby Doge shows a dog breed animation similar to the Shiba Inu mascot, Dogecoin’s “father,” according to Dogecoin avid supporters.
There isn’t much information about the development team on their website or whitepaper, but Baby Doge is believed to have been founded by a certain “Christian Campisi” who previously developed Save Lands and Pawz.
In July 2021, Campisi uploaded a video in which he addressed the Baby Doge Coin community, calling himself the coin’s “creator.” Cryptocurrency.
Baby Doge loved by Elon Musk
On July 4th, Tesla CEO Elon Musk’s tweet about Baby Doge caused the coin’s price to double. The tweet quotes a spoof of the popular song “Baby Shark,” with the lyrics replaced with “Baby Doge.”
This has led to rumors that the coin is billionaire’s second favorite meme coin after Dogecoin.
The coin partners with and sponsors many animal charities including North Shore Animal League America, Best Friends Animal Society, Paws with Cause, and Furkids as part of its purpose to help dogs in need.
Crypto total market cap at $1 trillion on the weekly chart | Chart: TradingView.com
Meanwhile, BABYDOGE’s price spike reportedly occurred when the team behind the meme currency burned 682 trillion tokens worth about $1,091,200.
Burning is the process of completely removing a token from circulation by transferring it to an unreachable wallet address.
682 trillion #BabyDoge Estimated $1,091,200 Worth Burned Forever🔥
evidencehttps://t.co/iaB13hUhgt
Swap buyback & burn 2.6 trillion #BabyDoge 🔥
evidencehttps://t.co/b8m0ry36Mh pic.twitter.com/vfYjTuzWo5
—BabyDogeSwap.com LIVE (@BabyDogeCoin) February 1, 2023
This makes the coin supply scarce as it becomes nearly impossible to recover tokens and increase their value.
Featured image from Bitcoin.com News