In the last week, a dog-themed memecoin that isn’t as well-known as Bitcoin (BTC) has become popular as Bitcoin and the rest of the cryptocurrency market continue to show signs of recovery.
The alternative currency Baby Doge (BABYDOGE) went from a low of $0.000000001468 to a high of $0.000000003443, which is a huge 134% increase.
The memecoin came out in the summer of 2021 and is now available on both Ethereum and Binance Chain.
It got a lot of attention when Elon Musk, a tech billionaire who supports Dogecoin, tweeted about it. This started a parabolic rise.
The total number of coins is 420 quadrillion, and only 164 quadrillion are in circulation.
The project has its own non-fungible token (NFT) project called Baby Doge NFT and its own decentralized exchange (DEX) called Baby Doge Swap.
Baby Doge just announced the launch of a “burn portal” that lets BABYDOGE token holders get rid of their tokens by sending them to a dead address. According to the project, as of February 3, more than 202 quadrillion BABYDOGE tokens worth $502 million had already been burned. This is almost half of the total number of tokens that can be made.
Etherscan says that there are now 1,677,914 wallets that hold BABYDOGE.
The team behind the token says that the memecoin is deflationary, and with each transaction, the platform takes tokens out of circulation.
