A new dog-themed crypto asset with a staggering total supply is surging despite a widespread crypto market pullback.
Baby Doge Coin (BABYDOGE), jokingly referred to as the “son” of Dogecoin (DOGE), saw its price jump 122% to $0.000000004038 in just one week, vastly outpacing its rival memecoins DOGE and Shiba Inu (SHIB).
The rally pushed BABYDOGE’s market cap over $650,000,000, making it the 144th-ranked digital asset by market cap.
Launched in June 2021, Baby Doge Coin is a hyper-deflationary token with a static reflection that rewards its HODLers, according to its website. A static reflection is a protocol designed to correct problems with a crypto asset’s mining rewards.
“Baby Doge Coin is a deflationary token designed to become more scarce over time.
All holders of Baby Doge Coin will earn more BABYDOGE coins that [are] automatically sent to [their] wallet by simply holding BABYDOGE coins in [their] wallet…
Baby Doge Coin holders automatically receive a 5% fee from every on-chain transaction that happens on the BABYDOGE ecosystem.
The community receives more BABYDOGE coins from the fees generated each transaction.”
BABYDOGE has an overall supply of 420 quadrillion tokens and a circulating supply of 164 quadrillion. However, the platform routinely burns tokens with each transaction.
“We have burned 41%+ of the supply.
That means out of the 5% of the redistribution 41%+ of it will be distributed to the dead wallet each transaction.
Coins are burned with every transaction.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Romolo Tavani/Natalia Siiatovskaia