"The child of" Dogecoin and fierce competitor Shiba Inu, Baby Doge Coin, has garnered a great surge of interest, lifting its price like a rocket.
Since the beginning of this year, the price of Baby Doge Coin has tended to move northward, and it seems to be continuing smoothly.
Recently, the price of this memecoin has surged more than 60% in the last week. During that time period, the price of Baby Doge Coin has skyrocketed from $0.00000000281 to a new high of $0.00000000443.
Market participants expected the launch of BABYDOGE's token burn portal, which became operational yesterday, causing this meme coin to surge.
The official announcement revealed, “The Burn Portal is now LIVE. Burn your BabyDoge for lower buy fees. We will burn five tokens for every token burned on the portal through April 1st!”
Daily Hodl reports that, Baby Doge Coin's Twitter account stated that the burn portal empowers the community with burn power, offers lower buy fees to buy BABYDOGE, and decreases the supply of the meme token.
The project burned $321,000 worth of 81 trillion BABYDOGE in just the last 24 hours. Over the meme token's existence, more than 202.7 quadrillion Baby Doge Coins, valued at about $804 million, were burned.
Despite the existing sentiment, the overall crypto market is still awaiting the latest news on global sentiment. The inflation figures of several countries are still high, and concerns about a recession are not completely extinguished. This will be a crucial factor in the development of the crypto market in 2023. [pc]
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