2 - 4 minute read
Cryptocurrencies such as Bitcoin and Ethereum aren’t the only digital assets that are soaring in value. Recently, a meme token named Baby Doge Coin has exploded by over 250% year-to-date, making it a Shiba Inu and Dogecoin rival. According to a recent announcement, this coin, with a market cap of nearly $510 million, is getting listed on a major crypto exchange, KuCoin.
KuCoin will make BABYDOGE available on its trading platform on Wednesday, June 30, with withdrawals enabled the following day. The supported trading pair is BABYDOGE/USDT.
Baby Doge Coin was launched in June 2021, and it is live on both Ethereum and Binance Chain. Initially, the coin traded at $0.000000000924, and presently, it is currently trading at $0.00000000338. The cryptocurrency has a maximum overall supply of 420 quadrillion tokens and a circulating supply of about 156 quadrillion.
The coin gained traction in July 2021, after Elon Musk, tech billionaire and Dogecoin supporter, mentioned the project in a tweet, sending its price soaring. Baby Doge Coin seems to have captured the interest of popular individuals, including retired boxer Floyd Mayweather, who recently included the coin’s Bitmart listing in an Instagram post.
In January 2022, Baby Doge launched a burn portal that allows its holders to burn BABYDOGE tokens or eliminate them from supply by sending them to a dead address. According to the project, over 205 quadrillion BABYDOGE tokens have been burnt so far at the time of writing, making it a deflationary cryptocurrency.
The Bottom Line
The Baby Doge coin’s market cap has surged to nearly $510 million in a short time, indicating its growing popularity. With its deflationary concept, it could be a long-term investment opportunity for traders. The crypto has received support from high-profile individuals like Elon Musk and Floyd Mayweather, which could attract new investors. However, traders should always be cautious when investing in new cryptocurrencies as they often carry high risks.
