While a decentralized and sustainable future of finance is a driving force for investors when it comes to crypto, ‘trend’ is an equally strong force. And owing to the trends many cryptocurrencies have witnessed more than just a day in the sun.
The Baby of Dogecoin?
Although that would make for a good story, the BABYDOGE coin is not a Dogecoin offspring. But it is certainly inspired by the memecoin and aims to build upon it. Baby Doge Coin claims itself to be a hyper-deflationary token and an improved form of Dogecoin.
With a supply of 420,000,000,000,000,000 or 420 quadrillion BABYDOGE [yes, that many], the meme coin holds a market cap of just $621 million.
But surprisingly regardless of the ridiculousness, BABYDOGE has managed to mark a stellar rally during the period when every coin was suffering.
Throughout the second half of December and the first half of January, the meme coin rallied by almost 350% and is presently trading at $0.000000003802.
This rally put Baby Doge Coin on the map of many investors and the coin seemed to be one of the few trending coins on CoinGecko a few days ago.
— BabyDoge (@BabyDogeCoin) January 23, 2022
Not only was it trending but the attention it received managed to draw in hundreds of thousands of investors which led to the holder count touching 1.325 million users, higher than Shiba Inu’s total addresses, a new record for the coin.
A lot of this growth also has to do with the multitude of external developments that BABYDOGE witnessed.
The Effect of the Good Boy
The reason coins such as the Baby Doge Coin trend, ones that have no actual sustainable value, are thanks to their moniker association with Dogecoin. This is also why we saw Shiba Inu make it to the top 10 cryptocurrencies spot last year.
Since the memecoin already hosts over 68.49 million addresses it comes as no surprise that its own investors would go for the likes of BABYDOGE. Besides even most of DOGE’s users are in it for the trend as the network has less than 0.48% of all addresses holding for more than a year.
This article was originally posted on FX Empire