YEREVAN (CoinChapter.com) – Baby Doge Coin, a pup from the Dogecoin spoof litter, jumped recorded 20% intraday gains on Feb 13, the day of the Baby Doge Burn Portal launch. As a result, the token price stood at $0.000000004052 in the European session, bringing the weekly gains to over 45% and the monthly gains to nearly 300%.
BABYDOGE poised for another leg up?
As mentioned, the meme coin traded at a 20% intraday increase on Feb 13, ahead of the Baby Doge Burn Portal launch. However, the charts show a choppy performance in the previous hours despite the uptrend and a 5% decline in the previous 4 hours.
Moreover, the Baby Doge team tweeted that the token crossed into the top 70 cryptos by market cap, ranking #69.
The statistic is true for crypto tracker CoinGecko.com, which reports a $676 million market cap for the project. However, another tracker CoinMarketCap ranks BabyDoge #213, with a market cap of $488 million, below the infamously bankrupt FTX exchange token FTT.
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The hype around Baby Doge Burn Portal continues
Baby Doge advertised the launch in early February, noting three main advantages of the burning process. First, on Feb 12, over 24,5 trillion BabyDoge tokens worth $86,766 were burned out of the total supply of 420 quadrillions.
The Baby Doge Burn Portal Launch will “puts burn power in the hands of the community,” said the team, and added that the burning process would “give users lower buy fees to purchase BABYDOGE.” The third big advantage of the burn portal is the reduction of the overall coin supply, which tends to have a bullish effect on the token price.
The meme coin trended on Binance on Feb 13, despite not being listed on the exchange. Moreover, it ranked #2 in the most popular topics for the day, which prompted the community to collect votes and convince Binance CEO Changpeng Zhao (CZ) to add BABYDOGE trading to the list of offered coins.
Notably, the hype and the burning process might take the token higher, adding to the 300% monthly uptrend in the BABYDOGE price.
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The post Baby Doge Coin Rallies 20% amid BABYDOGE Burn Portal Launch appeared first on CoinChapter.