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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Featured Image: Shutterstock / Romolo Tavani / Natalia Siiatovskaia