Shiba Inu and Dogecoin Rival Explodes 134% in Just One Week As Bitcoin Leads Crypto Market Resurgence

Bitcoin (BTC) and the broader crypto market continue to show signs of recovery after a little-known dog-themed meme coin exploded last week.

Altcoin BABYDOGE surged from a seven-day low of $0.000000001468 to a high of $0.000000003443, posting a massive 134% gain.

Memecoin will launch in the summer of 2021 and is currently live on both Ethereum and Binance chains.

When tech billionaire and Dogecoin proponent Elon Musk tweeted a reference to it, it caught the attention and sparked 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 doge

Elon Musk (@elonmusk) July 1, 2021

The coin has a huge overall supply of 420 trillion tokens and a circulating supply of 164 trillion.

The project has its own decentralized exchange (DEX) called Baby Doge Swapand called the Own Non-Fungible Token (NFT) Project Baby Doge NFT.

Baby Doge recently announced that its holders have launched Burn Portal. This allows its holders to burn or remove BABYDOGE tokens from the supply by sending them to dead addresses. According to the project, over $502 million worth of his 202 trillion BABYDOGE tokens have been issued. burnt As of February 3, it accounts for almost half of its maximum supply.

According to Etherscan, a total of 1,677,914 wallets currently hold BABYDOGE.

The team behind the token says memecoin is deflationary and the platform regularly removes tokens from circulation after each transaction.

$230,000 and up #BabyDoge Burned out in the last 24 hours?

Over 202+ trillion lifetime burns worth an estimated $502 million pic.twitter.com/YGMw52kpMH

BabyDogeSwap.com LIVE (@BabyDogeCoin) February 4, 2023

The recent rise has brought Baby Doge closer to the top 100 crypto assets by market capitalization.

The coin is currently the 101st largest crypto asset on the market with a market capitalization of $448,348,496 at the time of going public.

Baby Doge is currently 55.4% below its all-time high of $0.000000006345 reached on January 16, 2022.

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