Baby Doge , a cryptocurrency inspired by meme cryptocurrency Dogecoin, experienced a surge of 5% within the last 24 hours. This increase in value outperformed other Doge-based meme coins like Dogecoin and Shiba Inu.
The jump in Baby Doge’s price can be attributed to a significant burn event initiated based on community voting.
Due to its connection to the Dogecoin community and the increased interest in cryptocurrencies, Baby Dogecoin—a decentralized and community-driven cryptocurrency—attracted some attention.
It’s crucial to keep in mind that the cryptocurrency market is extremely speculative and unpredictable, and new cryptocurrencies, including those created as a result of current ones, can appear and disappear very quickly.
According to bscscan, an estimated amount of over $5 million worth of Baby Doge tokens was burned, translating to approximately 4.915 quadrillion Baby Doge tokens in total. As a result, the burn address now holds more than 50.8% of the total supply, which is permanently removed from circulation.
Another contributing factor to the surge in price is the upcoming listing of Baby Doge on GroveXchange set for Tuesday. The anticipation surrounding this listing has likely generated increased interest in the cryptocurrency.
Elon Musk, the CEO of Tesla, on Monday played a role in boosting meme-related cryptocurrencies through X. Musk directed a tweet at the media by sharing an image accompanied by the caption, “Dogs rock.”
In 2021, Baby Doge experienced a surge in value, nearly doubling its price, following a tweet from Elon Musk. Using lyrics from the popular children’s song “Baby Shark,” said Elon Musk in a tweet.
“Baby Doge, doo, doo, doo, doo, doo,” said Elon Musk in a tweet which sparked a trending hashtag on the site, #babydoge.
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Edited by Miriam Onyango and Newsdesk Manager
