One of Shiba Inu’s (SHIB) top competitors has outperformed the broader cryptocurrency market after posting a nearly 60% gain over the past week.
The meme token Baby Doge Coin (BABYDOGE) rose from a seven-day low of $0.00000000281 to a high of $0.00000000443, up more than 57% in just one week.
BABYDOGE has since retracement and is trading at $0.00000000407 at the time of writing.
Memecoins surged as market participants expected release BABYDOGE’s token burn portal that went live yesterday
“The Burn Portal is now live. Burn BabyDoge for a lower purchase fee at https://babydogeswap.com/burn-portal
Until April 1st, 5 tokens will be burned for every token burned in the Portal!”
According to Baby Doge Coin’s Twitter account, the portal will be put Burning power in the hands of the community, lowering purchase fees for users to purchase BABYDOGE and reducing the supply of meme tokens. In the last 24 hours alone, the project has burned 81 trillion of his BABYDOGE, worth $321,000, and over 202.7 trillion Baby Doge Coins, worth about $804 million, have been burned across Meme Token existence. .
Memecoin will launch in 2021 and is currently live on both Ethereum (ETH) and Binance Chain (BNB).It became prominent when tech billionaire and Dogecoin (DOGE) proponent Elon Musk came to the fore murmured It was a reference to BABYDOGE and sparked a massive rally.
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Generated image: In the middle of the journey