248% Weekly Gains — Baby Doge Coin Continues to Rally While Most Crypto Asset Markets Slump
Four days ago, the crypto community and mainstream audiences caught a whiff of a new meme-based crypto asset called baby doge. The coin got a lot more attention when Tesla’s Elon Musk tweeted about baby doge and almost immediately after the tweet, the asset’s value skyrocketed. Musk hasn’t said anything about baby doge since then, but the crypto asset has continued to climb higher in value.
Weekly Stats Show Baby Doge Outshines Most Crypto Asset Market Performances
Last week, Bitcoin.com News reported on the cryptocurrency called baby doge (BABYDOGE) after the CEO of Tesla tweeted about the coin. At that time, baby doge jumped 228.3% during a 24 hour period on July 1, and during the last few days, the digital currency continues to gather gains.
The following Monday morning (EDT), baby doge dropped a touch over 2% but seven-day statistics show BABYDOGE is still up 248.9%. Over the last two weeks, baby doge has captured a mammoth-sized 723% gain.
Baby doge has gathered mainstream media (MSM) attention after the Musk tweet, as many publications followed Bitcoin.com News’ lead and reported on the baby doge situation. Fool.com, a subsidiary publication owned by the Motley Fool asked: “Should You (or Anyone) Buy Baby Doge Coin?” Baby doge was also featured in articles published by newsdesks like the Indian Times, Futurism, Republic World, Benzinga, Gamerevolution, Techstory, Business Insider, Toysmatrix, and more.
The New York Post gave the public an introduction to baby doge in an article called: “Baby Doge? What to know about the Dogecoin spinoff that Elon Musk is hyping.” Since July 1, the number of trading platforms listing baby doge has increased by three centralized exchanges after it was initially available on Pancakeswap.
The meme-based crypto asset is available on Pancakeswap, MEXC Global, XT.com, and Lbank. Pancakeswap version one shows baby doge has lots of liquidity with $71 million in 24 hour swaps and the protocol’s version two shows more than $3 million.
Top Meme Tokens Coins by Market Capitalization List Shows Other Doge-Like and Musk-Related Meme Coins on the Rise
During our last report, baby doge coin was swapping for $0.000000002014 per unit and it’s doubled since then at $0.000000004585 per BABYDOGE. Every time a baby doge transaction happens, people must pay a 10% fee but the 5% of the fee is redistributed to every baby doge holder.
The other 5% taken from the fee is added to the BABYDOGE/BNB liquidity pool hosted on Pancakeswap. According to Coingecko’s “Top Meme Tokens Coins by Market Capitalization” list, dogecoin (DOGE) hasn’t done as well as baby doge in recent times. DOGE is down 11.4% during the last seven days compared to baby doge’s 248% rise.
Now shiba inu (SHIB) is up 7.4% today and a few other DOGE-like tokens have seen decent weekly gains. A crypto-asset called dogelon mars (ELON) jumped 31% this week and another one called elon doge token (EDOGE) jumped over 20%. Baby doge doesn’t have the amount of trade volume seen by its predecessors SHIB and DOGE, but it’s rising fast. Today, dogecoin (DOGE) captures $1.3 billion in trade volume while SHIB has over $400 million.
Collective baby doge trade volume during the trailing 24 hours has been around $103 million. Baby doge coin holds the 31st position among the dozens of meme-coins listed on Coingecko’s aggregation site. Most crypto coin aggregation sites don’t say what baby doge’s market cap is today but four hundred twenty quadrillion multiplied by $0.000000004585 is approximately $1.925 billion.
What do you think about the Baby Doge project and the coin’s rise this week? Let us know what you think about this subject in the comments section below.
