Baby Doge's Epic 5% Rally Beats Dogecoin, Shiba Inu Gains After $5M Token Burn

Baby Doge BABYDOGE/USD, a cryptocurrency inspired by meme cryptocurrency Dogecoin, experienced a surge of 5% within the last 24 hours. This increase in value outperformed other Doge-based meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD.

What Happened: The jump in Baby Doge’s price can be attributed to a significant burn event initiated based on community voting.

According to bscscan, an estimated amount of over $5 million worth of Baby Doge tokens was burned, translating to approximately 4.915 quadrillion Baby Doge tokens in total. As a result, the burn address now holds more than 50.8% of the total supply, which is permanently removed from circulation.

Another contributing factor to the surge in price is the upcoming listing of Baby Doge on GroveXchange set for Tuesday. The anticipation surrounding this listing has likely generated increased interest in the cryptocurrency.

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Why It Matters: Elon Musk, the CEO of Tesla, on Monday played a role in boosting meme-related cryptocurrencies through X. Musk directed a tweet at the media by sharing an image accompanied by the caption, “Dogs rock.” 

In 2021, Baby Doge experienced a surge in value, nearly doubling its price, following a tweet from Elon Musk. Using lyrics from the popular children’s song “Baby Shark,” Musk tweeted, “Baby Doge, doo, doo, doo, doo, doo,” which sparked a trending hashtag on the site, #babydoge.

Price Action: At the time of writing, BABYDOGE was trading at $0.0000000012, according to Benzinga Pro.

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