Dogecoin 'Knockoff' Outshines Shiba Inu In Latest Crypto Market Rally With 6% Gains

Baby Doge Coin BABYDOGE/USD is up 6% in the last 24 hours, outperforming the top five meme cryptocurrencies in terms of market capitalization, such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD.

What Happened: At the time of writing, BABYDOGE was trading at $0.000000002525.

This rally in Baby Doge Coin’s value comes amid a broader positive trend in the overall crypto market.

For the first time in 10 months, Bitcoin BTC/USD breached the $30,000-mark. The global crypto market cap also increased by 4.45% over the last day and is now valued at $1.24 trillion.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

On July 4, 2021, Elon Musk tweeted,“Baby Doge,” and helped jack up the coin’s price by as much as 130% at that time. Musk's message, referencing the viral children's song "Baby Shark Dance" and YouTube's most-viewed video with 8.8 billion hits, said "Baby Doge, doo, doo, doo, doo, doo."

Data from Santiment indicates that the Bitcoin network has seen movement from big whales earlier in the day. This movement involved 11 separate transactions totaling 22,000 BTC (worth $655 million) that were moved in two batches. 

Price Action: DOGE was up 2.24%, trading at $0.084 while SHIB was at $0.00001114, up 1.88% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin Crosses $30K, Ethereum And Dogecoin Flash Green: Analyst Says 11 Mysterious, Identical Transactions Caused Apex Crypto To Rally