Meme coins undoubtedly dominated the cryptocurrency market in 2021. Dogecoin, which skyrocketed with the doping of Elon Musk, and then its rival SHIB, garnered the love and money of investors. But now, these two cryptocurrencies have a new competitor. This is Baby Doge, which was released in 2021 and garnered all the hype.
SHIB and DOGE rival altcoin on the rise
To begin with, Baby Doge gained 1,000% in the first two weeks of its launch. It reached a market cap of $200 million in the third week, and it didn’t stop there. This new altcoin has reached 160,000 wallets in the fourth week of its launch. The worrying momentum has fueled doubts as to whether the token is a long-term or just a quick pump project. So is BABYDOGE really the meme coin of the future, or is it just a pump project?
What is Baby Doge?
Actually, Baby Doge was created by the DOGE community. According to his website, he is trying to impress his father by showing off his high transaction speeds and cuteness. The team behind the project shares that it has donated more than $750,000 so far. Beneficiaries of donations include The Humane Society, ASPCA, North Shore Animal League, Paws with Cause and other charities focused on dogs.
Its creators are promoting it as a hyper-deflationary token, an altcoin that will increase in price over time. Owners get extra money from their wallets every time they make a transaction. These are then sent to the decentralized exchange PancakeSwap as part of a liquidity pair. There are currently 115,114 quadrillion tokens in circulation. Meanwhile, as of August 1, 1 quadrillion tokens worth $1.3 million had been burned. Now many owners are betting that the token has some unique features compared to its competitors.
Is BABYDOGE the next big altcoin?
Although Dogecoin has a maximum supply of 420 quadrillion coins, there is no theoretical supply limit. One thing is for sure, Baby Doge has a loyal community that helps the cryptocurrency grow. At the time of writing, it is trading at $0.000000001164, up 3.46%. With a market cap of approximately $135 million, the altcoin saw a 7.15% increase in 24-hour trading volume. Also, just like his father, Dogecoin, BABYDOGE received support from Tesla CEO Elon Musk. As we reported as Kriptokoin.com, Elon Musk shared the following tweet for the altcoin in July 2021:
“BABYDOGE, doo, doo, doo, doo, doo, BABYDOGE, doo, doo, doo, doo, doo, BABYDOGE, doo, doo, doo, doo, doo, BABYDOGE.
The cryptocurrency has influenced the behavior of buyers, as it did when they started buying Dogecoin earlier in the year. About 24 hours after Musk’s tweet, the Baby Doge price had grown by 228.3%. The new meme coin has also skyrocketed on many other occasions, including its first birthday.