scorecardresearchAs baby gets bigger, Baby Doge coin garners over 1.4 million holders

As baby gets bigger, Baby Doge coin garners over 1.4 million holders

Updated: 16 Feb 2022, 04:50 PM IST
TL;DR.

The meme coin spreads its footprint with more 1.4 million holders, leaving Shiba Inu behind

Baby Doge Coin is one of the meme coin inspired by Dogecoin such as FLOKI and other dog-themed coins

Baby Doge Coin is one of the meme coin inspired by Dogecoin such as FLOKI and other dog-themed coins

Baby Doge Coin, a new crypto created by fans of the Doge Meme online community, managed to set a record with nearly 1.4 million holders, which is even more than Shiba Inu. BabyDoge Coin is a meme coin inspired by Dogecoin such as FLOKI and other dog-themed coins. It was launched in June 2021.

On February 9, BabyDoge started trading on the biggest Canadian cryptocurrency exchange, Biconomy Global. Prior to that on February 3, BabyDoge forged a partnership with football clubs, following in the footsteps of Floki Inu (FLOKI), reported CoinGape.

It also started trading on the Singapore-based exchange Bitget Global.

To woo the new users, token’s protocol ensures that 5 percent of each transaction is redistributed to holders. Last year on July 1, Elon Musk — soon after BabyDoge coin's launch — tweeted that read: “Baby Doge, doo, doo, doo, doo, doo…” 

The company has also partnered with CoinPayments.net to enable merchants worldwide to accept baby doge as a payment.

Its official website states that it is a deflationary token designed to become scarcer over time. All holders of Baby Doge will earn more baby doge that is automatically sent to your wallet by simply holding Baby Doge coins in your wallet.

The coin has been in the news because of its hyper-deflationary token economy funded by a charitable grant system. With the launch of its latest P2E platform, the existing users profit from the added utility, and it will go a long way in spreading awareness about climate adaptation in a fun way.

BscScan data shows that BabyDoge has 1.411 million holders and a total market cap of $1.512 billion, whereas Shiba Inu has 1.176 million holders with a market cap of $30.989 billion. So, we can see that although BabyDoge has more number of holders, its market cap lags behind Shiba Inu by a wide margin. 

At the same time, the number of holders of Floki Inu is 55,934 and a total market cap of $425 million, according to Etherscan data. 

 

Comparison of BabyDoge’s market cap with that of other tokens:

Coins   Trading volume ($)    Market Cap ($B)
BabyDoge7.8 million1.489 
Shiba Inu1.4 billion16.8 
Polkadot813 million19.40
Dogecoin566 million19.78 
Cardano1.2 billion36.67

 (Source: CoinMarketCap)

(Note: Trading volume shows how much of cryptocurrency was traded in past 24 hours)

 

So, we can see that the number of holders is not the only indicator of a crypto token’s popularity. Its trading volume and market cap are also significant and give a bigger picture of the crypto token's penetration. 

Although BabyDoge has 1.4 million holders, it is yet far behind other popular coins when it comes to its trading volume and market capitalisation.

First Published: 16 Feb 2022, 04:49 PM IST