Baby DogeCoin, a meme-based cryptocurrency similar to Dogecoin and Shiba Inu, has been making waves in the market lately with a surprising 116% leap in seven days last week. This lesser-known meme coin has been making significant gains in recent times, according to data from Coingecko.
The coin was introduced in 2021 with a total quantity of 420 quadrillion tokens and was priced at only $0.000000000175 at its earliest reported value. However, fast forward to February 5, 2023, and Baby DogeCoin (BABYDOGE) is now trading at $0.000000002860, reflecting the recent surge. In the last 24 hours alone, the token has seen a 22% increase in value.
The company behind Baby Doge, which is held in over 300,000 wallets, has set a clear objective of making cryptocurrency more accessible to the general public and also aiding dogs in need. The “Woof Paper” outlines the goals of Baby Doge, which considers itself a “community coin.” The token has seen returns of over 3,500% at one point and the company behind it has made donations to multiple animal charities.
Baby Doge Coin has a similar animated dog breed to that of Dogecoin’s Shiba Inu mascot and is referred to as its “father” by enthusiastic Dogecoin supporters. Although there is limited information about the development team, it is believed that Baby Doge was founded by Christian Campisi, who previously developed Save Lands and Pawz. In July 2021, Campisi referred to himself as the “creator” of the cryptocurrency in a video address to the Baby Doge Coin community.
The coin’s popularity skyrocketed when Tesla CEO Elon Musk tweeted about it in July 2021, causing the price to double. The tweet was a spoof of the popular song “Baby Shark” with the lyrics replaced by “Baby Doge.” This has led to rumors that the coin is Musk’s second-favorite meme coin after Dogecoin.
Baby Doge has also partnered with and sponsored several animal charities, including North Shore Animal League America, Best Friends Animal Society, Paws with Cause, and Furkids, as part of its mission to help canines in need.
The recent price surge of Baby Doge can be attributed to the burning of 682 trillion tokens, valued at around $1,091,200. Burning is the process of removing tokens from circulation completely by transferring them to an unreachable wallet address. This creates a shortage in the coin supply, making it nearly impossible to reclaim the tokens and increases the token’s value.
Baby Doge Coin has made a significant leap in the cryptocurrency market, reflecting the recent 116% surge in the last seven days. Despite being a lesser-known meme coin, it has made substantial gains and has the support of several animal charities and the popular Elon Musk. With its clear objectives of making cryptocurrency more accessible and aiding dogs in need, Baby Doge Coin is a coin to watch out for in the future.