Baby Doge Coin has been gaining in popularity over the past days amidst an increasingly bullish outlook. The daily price movement reveals that the cryptocurrency has been on a steady uptrend during the past twenty-four hours. The price reached a steady-state consolidating period after the uptrend. At the time of writing, the cryptocurrency stands at a price level of $0.000000005689. The price has increased by 12% during the day while the monthly performance indicates a staggering rise of 315%. On the other hand, the daily trading volume of the cryptocurrency has fallen by 45%.
What is Baby Doge Coin?
The meme class tokens were introduced after the surge in popularity of Dogecoin and while Dogecoin is argued to have no real utility, Baby Doge Coin may be regarded as a game changer. The value proposition essentially lies in the token’s deflationary nature. This means that coins are burned with every transaction. So far, 41% of the total supply has been burned by being transferred to a dead wallet. This is aimed at creating scarcity and economics 101 states that the lesser the supply, the higher the demand and; subsequently, the price. In a market flooded with tokens almost every day, deflationary tokens have been gaining in popularity like Safemoon etc. The token also has good tokenomics and redistributes 5% of the proceeds from every transaction to the token holders.
Moreover, Baby Doge Coin is also geared at a specific niche. The cryptocurrency has various charity partners who save and help dogs to which it donates a good sum consistently. So, the brand of the token is essentially targeting pet owners and lovers.
Why is the token trending?
The tokenomics is designed to make the holders winners and the sellers losers by redistributing a 10% transaction fee from sellers to holders. This model has gained traction and the cryptocurrency has been trending. The surge garnered momentum as Baby Doge Coin got listed by CoinEx. Moreover, the community of the token is also regarded to be playing an instrumental role in the bullish momentum as predictions for slashing at least two zeros from the price level are widespread by holders. Baby Doge’s Twitter community has crossed 800,000 followers and a new all-time high established just days ago. The surge is expected to continue in the coming days.
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