A lesser-known dog-themed memecoin has erupted over the last week as Bitcoin (BTC) and the broader crypto market continue to show signs of recovery.
The altcoin Baby Doge (BABYDOGE) soared from a seven-day low of $0.000000001468 to a high of $0.000000003443 – representing a massive 134% increase.
[adinserter block="1"]The memecoin launched in the summer of 2021 and is now live on both Ethereum and Binance Chain.
It rose to prominence when tech billionaire and Dogecoin supporter Elon Musk tweeted out a reference to it, sparking a parabolic rise.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge— Elon Musk (@elonmusk) July 1, 2021
The coin has a huge overall supply of 420 quadrillion tokens and a circulating supply of 164 quadrillion.
The project has its own decentralized exchange (DEX) called Baby Doge Swap, as well as its own non-fungible token (NFT) project called Baby Doge NFT.
Baby Doge recently announced the launch of a burn portal that allows its holders to burn, or eliminate from supply by sending it to a dead address, BABYDOGE tokens. According to the project, over 202 quadrillion BABYDOGE tokens worth $502 million have been burnt so far as of February 3rd, representing nearly half of its maximum supply.
[adinserter block="1"]According to Etherscan, a total of 1,677,914 wallets are now holding BABYDOGE.
The team behind the token says the memecoin is deflationary, and the platform routinely removes tokens from circulation with each transaction.
https://twitter.com/BabyDogeCoin/status/1621970159085789184
The recent rally has propelled Baby Doge near the top 100 crypto assets by market cap.
The coin is currently the 101-largest crypto asset on the market, with a market cap of $448,348,496 at time of publishing.
The price of Baby Doge is currently 55.4% below its all-time high of $0.000000006345, which was reached on January 16th of 2022.
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