Cryptocurrencies at large are struggling to break out as Bitcoin BTC/USD bulls and bears battle around the $40,000 mark.
Dogecoin DOGE/USD is hovering around the 20-cent mark and other meme cryptocurrencies that struck massive gains earlier this year are charting similar courses.
Amid this anchored market, Baby Cake BABYCAKE/USD — a minor cryptocurrency with a fully diluted market capitalization of just $30 million is up 40% over 24 hours and seeing high social-media interest.
Baby Cake is trading at $0.0003047 — up 38% against Bitcoin and 31% against Ethereum ETH/USD in 24 hours leading to press time.
See Also: How To Buy Dogecoin (DOGE)
The decentralized finance, or DeFi, cryptocurrency is based on the Binance Smart Chain and available to trade on the PancakeSwap CAKE/USD platform.
Baby Cake promises holders passive income in CAKE tokens through a mechanism called “reflection” that was popularized by meme coins like Safemoon SAFEMOON/USD and Shiba Inu SHIB/USD, as noted by CoinMarketCap.
Author’s Note: Cryptocurrencies, in general, are volatile and freshly-established cryptocurrencies with small market capitalizations especially carry significant risks. Conduct wide-reaching due diligence on your own before considering making any sort of investment.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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