BabyDoge Burned 4.8 Quadrillion Tokens With No Consequent Rallies From The Memecoin, Yet

BabyDoge has visibly emerged as a huge trendsetter early in the year, with the Doge-inspired meme token blowing up on social media platforms across the world for most of January 2022.

BabyDoge’s Golden Period

By January 16, BabyDoge’s Army had pushed the fast-rising star of the memecoins community all the way to the top, as the digital currency swiftly broke its previous all-time high.

Its users even surpassed rival-memecoin Shiba Inu, which boasts one the most active crypto communities on social media platforms. Along with this milestone, BabyDoge had also overtaken Ethereum as the most-traded coin among the biggest BSC Whales during the same period.

The Aftermath

However, it seems that soon after the memecoin had its time to shine as a dominant token in the crypto scene, it faced some hiccups in the aftermath of its first and massive golden period too. The token still hails from a community that’s going as strong as ever, but its bull run had evidently subsided by the end of January.

To counter this, BabyDoge recently burned tokens worth over $20 million, thereby promoting a positive investment image by bumping up its market value with this move.

The transaction happened on 1st Feb, counterattacking on the beginnings of a standstill in value that the pupcoin seems to be facing today. Nonetheless, at the time of publishing this article, BABYDOGE’s price is down 4.4% in the last 24 hours, with a 1.5% downtrend in the past 7 days.

The burn apparently came in celebration of the Lunar New Year as well, marketed as a bid that’s targeted towards giving back to its investors, especially to its Chinese supporters.

Regardless of its latest downturn in value, BabyDoge passed over 900k Twitter followers within the current week as well (or as of Feb 1), accomplishing a steady stream of surging traction across the globe.

Click here to read: Coachella Announces Auction For 10 Lifetime Passes As NFTs.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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