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Baby Doge surpassed Dogecoin and Shiba Inu in weekly growth — 130% up isn’t the limit?

Andrew Zhoao

News editor

Feb 7, 2023 at 06:53

The meme token Baby Doge Coin (BabyDoge) is gaining momentum. In the last 24 hours, the asset increased by 7,53% — from $0.00000000288 to $0.000000003097. Moreover, during the week, the “baby” rose from $0.000000001489 to a peak of $0.000000003479 (+133,65%), outperforming other popular “dog” coins such as Dogecoin (DOGE) and Shiba Inu (SHIB).

What is Baby Doge Coin?

Baby Doge Coin is a meme coin based on the BNB Smart Chain, launched on June 1, 2021, by fans from the Dogecoin community. According to Investopedia, the token was held in more than 300,000 wallets at the end of 2022.

A fee of 10% of the transfer amount is charged to make a transaction. And, since Babe Doge was created as a token to support Dogecoin, half of the fee goes to support DOGE, and the other half funds the PancakeSwap liquidity pool for BABYDOGE. These funds can be burned or reinvested back into the Baby Doge project.

The coin is used for trading.

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Make way for the young: why is the Baby Doge Coin growing?

Baby Doge Coin began to grow like many other cryptocurrencies in early 2023, amid news of an improving economic situation in the United States. In particular, it is about the decrease in the inflation rate from 7,1% to 6,5%.

Since then, the asset has been in an uptrend, when the price moves mostly upward. Experts explain this by the fact that the coin is positively influenced by good news. One of the last statements on the growth was the Fed’s statement on February 2 about the 0,25% rate increase. On that day,  the coin grew by 17,36%, from $0.0000001486 to 0.0000001736.

Also, the news about the launch of Burn Portal could have influenced the growth of Baby Doge’s value. On February 4, it became known that the development of a special platform for burning tokens is complete and will be available from February 13. Many cryptocurrencies use a burning mechanism to reduce the number of tokens in circulation, which increases demand and leads to an increase in the price of the asset. 

Those who will use the Burn Portal to burn meme coins are promised a lower fee for future token purchases. There are more than 115 quadrillion Baby Doge in circulation right now. By helping to burn them, token holders will assist the asset to grow, and then they can buy it at a benefit price, becoming the owner of more valuable cryptocurrency. But the creators have not yet told specific figures on how much it will be profitable to burn tokens using the platform.

On February 5, the token rose after the development team burned up ~$1.09M (or 682T BABYDOGE) worth of BabyDoge. The sudden jump in value can clearly be seen in the chart. According to CoinMarketCap, the increase was 37,78%, from $0.000000002546 to $0.000000003508.

Baby Doge Coin price rise
Baby Doge Coin price rise

Then the project’s community joined in, and together they put the coin into Twitter and Google Trends.

The community plays an important role in the life of every cryptocurrency and is one of the main drivers of its value. We reported earlier on how it happens using the example of Luna Classic (LUNC).

Current Baby Doge Coin price and forecasts

According to CoinMarketCap at the time of writing, the asset is trading at $0.000000003141, which is 9,18% more expensive than the day before.

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The historical peak of the coin’s value was on July 5, 2021. The coin grew sharply by $0.00000001. The difference from the current price is 218,37%. The growth of the token followed a series of tweets about the coin from the head of Tesla, Elon Musk.

The businessman is known for his love of meme coins, and his favorite is considered Dogecoin, the value of which often flips because of his states.

Where can I buy Baby Doge Coin? 

The coin has been in existence since 2021. Since then, the asset has been listed, i.e., made available for trading and investment transactions, on 20 exchanges in 30 pairs, including fiat, stablecoins, and other cryptos. Here’s a list of platforms where you can buy the coin:

At the time of writing, accordion to CoinGecko, the most profitable exchange to buy Baby Doge Coin is BabySwap in the pair BABYDOGE/USDT. There, the token costs $0.000000003075.

The highest trading volumes are on MEXC. During the last day $4,216,611 in the BABYDOGE/USDT pair. The asset is worth $0.000000003574 on the exchange.

As for further growth, it is also likely to depend more on news around the token. Going forward, according to CoinMarketCap analysts, Baby Doge Coin could even break through the $0.1 barrier, but that’s “just a far-fetched dream.” In their view, growth depends on other meme coins, in particular Dogecoin, among others.

How does BABYDOGE relate to other meme coins, and can it surpass them?

Talking Baby Doge Coin’s main competitors, Dogecoin (DOGE) and Shiba Inu (SHIB) are worth mentioning in the first place.

Baby Doge Coin, built on Binance Smart Chain, was created by Dogecoin fans, naming it as “the son” of DOGE with the goal of making its father proud.

Shiba Inu is based on Ethereum and was created as the Dogecoin mascot; however, the coin now has its own tokens on Ethereum and an NFT art incubator on its decentralized exchange, Shibaswap. With Baby Doge, on the other hand, the asset has no connection at all.

Dogecoin, built on the mechanism of Bitcoin and Litecoin, can be seen as the Bitcoin for all cryptocurrencies, as DOGE is the first meme token. It is related to other such coins, and its rise and fall can affect other such cryptocurrencies. 

Answering the above question, for now, Baby Doge Coin is ahead of SHIB and DOGE in terms of weekly growth. For the last seven days, Dogecoin fell in price by 1,02%, Shiba Inu grew by 20,51%, and Baby Doge Coin showed +118,66%.

But in terms of asset value and market capitalization, BABYDOGE (whose market cap is $368.54M) is behind SHIB ($7.76B) and DOGE ($12.15B).

As of this writing, D+ogecoin is trading at $0.09154. That’s almost 3B% higher than the value of BABYDOGE. And compared to Shiba Inu, which is worth $0.00001412, the difference is 449438,36%.

Do you think Baby Doge Coin can outperform other meme coins in the near future?

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