One of Shiba Inu’s (SHIB) top competitors is outpacing the broader crypto markets after printing gains of about 60% over the past week.
Meme token Baby Doge Coin (BABYDOGE) rallied from a seven-day low of $0.00000000281 to a high of $0.00000000443, marking gains of over 57% in just one week.
[adinserter block="1"]BABYDOGE has retraced since and is trading at $0.00000000407 at time of writing.
The meme coin surged as market participants anticipated the launch of BABYDOGE’s token burn portal, which went live yesterday.
“The Burn Portal is now LIVE. Burn your BabyDoge for lower buy fees at https://babydogeswap.com/burn-portal
We will burn five tokens for every token burned on the portal through April 1st!”
According to Baby Doge Coin’s Twitter account, the portal puts burn power in the hands of the community, gives users lower buy fees to purchase BABYDOGE and reduces the supply of the meme token. In the last 24 hours alone, the project burned 81 trillion BABYDOGE worth $321,000, with over 202.7 quadrillion Baby Doge Coins worth about $804 million torched throughout the meme token’s existence.
The memecoin was launched in 2021 and is now live on both Ethereum (ETH) and Binance Chain (BNB). It rose to prominence when tech billionaire and Dogecoin (DOGE) supporter Elon Musk tweeted a reference to BABYDOGE, igniting a massive rally.
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