A lesser known dog-themed memecoin has broken out over the past week as Bitcoin (BTC) and the broader crypto market continue to show signs of recovery.
The Baby Doge altcoin (BABYDOGE) shot up from a seven-day low of $0.000000001468 to a high of $0.000000003443, marking a massive 134% rise.
The memecoin launched in the summer of 2021 and is now available on both Ethereum and Binance Chain.
It rose to prominence when tech billionaire and Dogecoin supporter Elon Musk tweeted a reference to it, causing a parabolic rise.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
baby dogeโ Elon Musk (@elonmusk) July 1, 2021
The coin has a whopping total supply of 420 quadrillion tokens and a circulating supply of 164 quadrillion.
The project has its own decentralized exchange (DEX) called baby doge swapas well as his own non-fungible token (NFT) project called Baby Doge NFT.
Baby Doge recently announced the launch of a burn portal that allows holders to burn BABYDOGE tokens or remove them from the supply by sending them to an inactive address. According to the project, more than 202 quadrillion BABYDOGE tokens worth $502 million have been delivered. Burned until February 3, representing almost half of its maximum offer.
According to Etherscan, a total of 1,677,914 wallets now have BABYDOGE.
The team behind the token says that the memecoin is deflationary, and the platform routinely removes the tokens from circulation with every transaction.
More than $230,000 #BabyDoge burned in the last 24 hours?
More than 202 quadrillion total life burned with an estimated value of $502 million pic.twitter.com/YGMw52kpMH
โ BabyDogeSwap.com LIVE (@BabyDogeCoin) February 4, 2023
The recent rally has propelled Baby Doge close to the top 100 crypto assets by market capitalization.
The coin is currently the 101 largest crypto asset on the market, with a market capitalization of $448,348,496 at press time.
The Baby Doge price is currently 55.4% below its all-time high of $0.000000006345, which was reached on January 16, 2022.
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