The cryptocurrency market is heading into what could be the “month of love” territory, but January will be a happy memory for some investors, especially those who made big investments in popular meme coins like Floki, Shiba Inu, and Baby Doge Coin. .
Baby Doge Coin? You may ask.
Similar to Dogecoin and Shiba Inu, Baby Doge Coin (BABYDOGE) is a cryptocurrency based on memes. Baby Doge is a cute cryptocurrency held in over 300,000 wallets that bills itself as a “community coin.”
It was introduced in 2021 with a total amount of 420 quadrillion tokens, and the earliest reported price was only $0.000000000175.
CoinMarketCap data shows the total current value of all Baby Doge tokens, considering all 420 quadrillion tokens in existence, is $691 million.
Image: MEXC Blog
Baby Doge Takes Giant Steps
At the time of writing, February 5, 2023, BABYDOGE is trading at $0.000000002860, up 116.0% in the last seven days, data from Coingecko shows. In the last 24 hours alone, the meme coin, although less known, is up 22%.
According to “Woof Paper,” Baby’s goal is to make cryptocurrency accessible to the general public and help dogs (of course, real ones) in need.
At one point, the token yielded more than 3,500%, and the company behind it has donated to various animal charities.
Baby Doge refers to the same animated dog breed as Dogecoin’s Shiba Inu mascot, who, according to enthusiastic Dogecoin supporters, is his “father”.
Although there is not much information about the development team on the website or in the white paper, it is believed that Baby Doge was founded by a certain “Christian Campisi”, who previously developed Save Lands and Pawz.
In July 2021, Campisi uploaded a video where he addressed the Baby Doge Coin community and called himself the “creator” of the cryptocurrency.
Baby Doge Loved by Elon Musk
On July 4, Tesla CEO Elon Musk tweeted about Baby Doge, causing the coin’s price to double. The tweet calls out a spoof of the popular song “Baby Shark,” with the lyrics changed to “Baby Doge.”
This led to rumors that the coin is the billionaire’s second favorite meme coin, behind Dogecoin.
The coin has partnered with and sponsored many animal charities, including North Shore Animal League America, Best Friends Animal Society, Paws with Cause, and Furkids, as part of its goal to help dogs in need.
Crypto total market cap at $1 trillion on the weekly chart | Chart: TradingView.com
Meanwhile, it has been reported that the BABYDOGE price spike happened when the team behind the meme currency burned 682 trillion tokens, worth about $1,091,200.
Burning is the process of removing a token from circulation completely by transferring it to an unreachable wallet address.
682 trillion #BabyDoge burned forever worth about $1,091,200 🔥
Evidence https://t.co/iaB13hUhgt
Swap buy back & burn 2.6 trillion #BabyDoge 🔥
Evidence https://t.co/b8m0ry36Mh pic.twitter.com/vfYjTuzWo5
– BabyDogeSwap.com LIVE (@BabyDogeCoin) February 1, 2023
This creates a shortage in the source of the coin because it becomes almost impossible to recover the token, and increase the value of the token.
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