How far will the Doge run in the cryptocurrency market?
Recently, Elon Musk graced the cryptocurrency market with a new spike, Baby Doge. Since Tesla CEO’s one tweet, the value of the digital asset skyrocketed. On July 1, the value of Baby Doge increased by 228.3% in 24-hours. Baby Doge has been on a bullish streak since then and witnessed a 723% gain.
Elon Musk’s influence on cryptocurrency, is not news anymore, but experts are speculating the credibility of the Baby Dogecoin in the long run. Despite that, several trading platforms listed Baby Doge. This cryptocurrency is available on Pancakeswap, MEXC Global, XT.com, and Lbank. According to Pancakeswap, Baby Doge’s version one has potential liquidity with US$71 million in 24-hour swaps, and the second version shows more than US$3 million.
Meme Tokens are on the Rise
What makes Baby Doge unique? For every Baby Doge transaction, users have to pay a 10% fee but 5% of the fee is redistributed to every Baby Dogecoin holder. The remaining 5% of the fee is added to the Baby Doge liquidity pool on Pancakeswap. While Baby Doge is on a rise, another meme cryptocurrency, Dogecoin is down by about 11.4% during the week compared to Baby Doge’s 248% spike. Experts caution that Baby Doge might see the same fate as Dogecoin after this “temporary” hype.
If we compare all the Doge-tokens (with Shiba Inu faces), Shiba Inu is up by 7.4%, Dogelon Mars (ELON) is up by 31% and Elon Doge Token (EDOGE) jumped 20%. Comparatively, Baby Doge has not reached high trading volumes like its fellow meme-tokens, but its rise indicates otherwise. Going by numbers, Dogecoin has approximately US$1.3 billion in trade volume while Shiba Inu has over US$400 million.
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