Shiba Inu and Dogecoin Competitor Surges 122% in Just One Week, Shatters $650,000,000 Market Cap Amid Bitcoin and Crypto Pullback

A new crypto asset in the shape of a dog is surging with a staggering total supply despite the broad slump in the cryptocurrency market.

Baby Doge Coin (BABYDOGE), jokingly referred to as the “son” of Dogecoin (DOGE), saw its price rise 122% to $0.000000004038 in just one week, significantly outperforming rival memecoin DOGE and Shiba Inu (SHIB).

The rise pushed BABYDOGE’s market capitalization to over $650,000,000, making it the 144th digital asset by market capitalization.

Launched in June 2021, Baby Doge Coin is a very deflationary token with a fixed reversal equivalent to HODLers, according to their website. Static Reflection is a protocol designed to correct issues with crypto-asset mining rewards.

“Baby Doge Coin is a deflationary token that is designed to become rarer over time.

All Baby Doge Coin holders will earn more BABYDOGE coins [are] It is automatically sent to [their] Wallet by keeping BABYDOGE coins in it [their] wallet…

Baby Doge Coin holders automatically receive a fee of 5% of every on-chain transaction that occurs on the BABYDOGE ecosystem.

The community receives more BABYDOGE coins than the fees generated by each transaction.”

BABYDOGE has a total supply of 420 quadrillion tokens and a circulating supply of 164 quadrillion. However, the platform routinely burns tokens with every transaction.

We burned 41%+ of the supplies.

This means that out of 5% of the redistribution, 41%+ of it will be distributed to the dead wallet on each transaction.

Coins are burned with every transaction.”

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock / Romolo Tavani / Natalia Siiatovskaia