The cryptocurrency market is on its way to possibly rocky terrain this “love month,” but January will linger a happy memory for some investors, especially those who made substantial investments in prominent meme coins like Floki, Shiba Inu, and, Baby Doge Coin.
Baby Doge Coin? You might ask.
Yes. Similar to Dogecoin and Shiba Inu, Baby Doge Coin (BABYDOGE) is a meme-based cryptocurrency. Baby Doge is a comical cryptocurrency held in over 300,000 wallets that considers itself a “community coin.”
It was introduced in 2021 with a total quantity of 420 quadrillion tokens, and the earliest reported price was only $0.000000000175.
CoinMarketCap data shows the current total value of all Baby Doge tokens, presuming all 420 quadrillion tokens are in existence, is $691 million.
Image: MEXC Blog
Baby Doge Making A Giant Step
At the time of writing, Feb. 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, though lesser known, is up 22%.
According to the “Woof Paper,” the objective of Baby is to make cryptocurrency accessible to the general public and help dogs (of course, the real ones) in need.
At one point, the token posted a return of more than 3,500%, and the company behind it has made donations to multiple animal charities.
Baby Doge shows an animated dog breed similar to that of Dogecoin’s Shiba Inu mascot, which, according to enthusiastic Dogecoin supporters, is its “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 in which he addressed the Baby Doge Coin community and referred to himself as 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 grow twofold. The tweet cites a spoof of the popular song “Baby Shark,” with the lyrics replaced by “Baby Doge.”
This has 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 aim to aid canines in need.
Crypto total market cap at $1 trillion on the weekly chart | Chart: TradingView.com
Meanwhile, it has been reported that BABYDOGE’S price surge occurred when the team behind the meme currency burned 682 trillion of the token, valued at around $1,091,200.
Burning is the process of removing tokens from circulation completely by transferring them to an unreachable wallet address.
682 trillion #BabyDoge was burned forever worth estimated $1,091,200 🔥
Swap buy back & burn 2.6 trillion #BabyDoge 🔥
— BabyDogeSwap.com LIVE (@BabyDogeCoin) February 1, 2023
This creates a shortage in the coin supply because it becomes nearly impossible to reclaim the tokens, and increase the token’s value.
Featured image from Bitcoin.com News