- Baby Doge Coin has made impressive gains as the rest of the market struggles to stay afloat. Here is the reason;
While the entire market is trying to cope with the heavy burden that has fallen on it due to the extreme negative events in recent days, it is a cryptocurrency created by the Dogecoin community as a clone of the popular memecoin DOGE. Baby Doge Coin (BABYDOGE) gained momentum and managed to outperform the rest of the market.
As Koinfinans.com stated, for 24 hours between 15-16 June, trend meme coin Baby Doge price grew by almost 23 percent. Although the popular meme coin has given up some of its growth after experiencing a certain correction, the token is still trading 10 percent above its June 15 low. So what prompted investors to buy BabyDoge so actively during the storm in the cryptocurrency market? Or did a shrewd market maker prevent the coin from collapsing along with its alternatives SHIB and DOGE?
BabyDoge struggles to raise price
In fact, the successful period for BabyDoge started a week ago when the token became a viable asset that can be used to pay for products using the NOWPayments and Switchere platforms. Then, on June 15, it was reported that BabyDoge has become one of the most actively used smart contracts on the BNB Chain network, ranking ninth among the top 10 coins most bought by cryptocurrency whales.
Besides that, similar to the Shiba Inu, the BabyDoge community has also continued to actively burn meme cryptocurrencies lately to reduce the circulating supply. Announcing that they will hold a “50 Quadrillion Burning Party” soon, it’s on meme coin on June 14th. Baby Doge price Taking advantage of the decline, the community burned a total of 2,616,955,024,119 tokens and spent 2,839 dollars on these transactions.
— Burn BabyDoge (@babydogeburn_) June 14, 2022
Listing from BabyDoge
The final touch of this week of very positive developments for BabyDoge Coin, which was founded in June 2021 and has one of the fastest growing communities, is Singapore’s largest centralized exchange. Coin TigerThere was the release of BabyDoge in . Trading of the meme token started today, June 16, paired with USDT.
— CoinTiger (@CoinTigerEX) June 15, 2022
Announcing the listing with a blog post, Coin Tiger BabyDog is as follows: defined:
“Launched in June 2021, Baby Doge Coin makes it its mission to introduce average investors to crypto, while also helping to rescue dogs in need. Baby Doge is built on Binance Smart Chain, with extremely fast 5 second block times and cheaper gas fees than Ethereum.”
The cumulative impact of all the news and major announcements seems to have saved BabyDoge from sinking along with the rest of the market and let it stay afloat for now.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.