Baby Doge Continues to Soar As Coin Trends on Twitter
The meme coins just keep increasing in number as the value of Baby Doge, another Shiba Inu-inspired coin, soared while others like Dogecoin remain in the red.
Bloomberg reports that the early weeks of 2022 have been unforgiving to most memecoins with several worth a fraction of the US dollar. More popular memecoins like Dogecoin and Shiba Inu have tumbled between 9% and 32% since the start of January based on data from CoinMarketCap.com.
However, Baby Doge appears to be going against the grain and surged to 99% in 2022. Memecoins are usually driven by speculation. Like in the previous price booms, a memecoin surge is almost always followed by a huge drop. The token played on the success of Dogecoin and caught the attention of investors in late October.
Those who are looking to ride on the trend are pumping up Baby Doge on social media. On Twitter, enthusiasts use the hashtag #babydoge with a call for Binance to list the coin on its crypto exchange platform so they can also have access to several memecoins.
Last October 2021, fans of Shiba Inu went on a similar rally and called on Robinhood to list the token. Since the app did not meet the demands of Shiba Inu enthusiasts, the token’s value promptly dropped.
After a bull run in most of 2021, meme tokens as well as major cryptocurrencies like Bitcoin and Ethereum have sunk in the past few months. News of the Omicron variant of Covid-19 and the looming possibility of tighter monetary policies resulted in setbacks for riskier assets.
Bitcoin, the world’s most valuable cryptocurrency, went up as high as $69,000 in early November last year but is now worth a little over $40,000 this week. It is certainly the worst start to the year since the early days of cryptocurrencies.
Despite the bearish trend in most tokens, Baby Doge enthusiasts remain relentless as the price of the coin is almost double to what it was in the previous year at $0.0000000038.
Reissa covers latest news for Revolution Crypto.