Elon Musk's Favorite Dogecoin 'Knockoff' Soars 17% Surpassing Shiba Inu Gains — Here's Why

Baby Doge coin BABYDOGE/USD was up 17% in the last 24 hours, outpacing meme coin  Dogecoin DOGE/USD and Shiba Inu SHIB/USD gains.

What Happened: The rise in BABYDOGE comes after its Decentralized Exchange (DEX) reached an all-time high in Total Value Locked (TVL), topping $50 million, according to DefiLlama.

It should be noted on Thursday the team behind the meme coin burned 682 trillion BABYDOGE worth an estimated $1,091,200.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards 

It should be noted that only a few weeks ago a tweet from the Baby Doge team, announced a burn portal that has reached the preview stage, and is yet to be launched.

Elon Musk tweeted about Baby Doge on July 4 and helped jack up its price by as much as 130% at that time. Musk’s message, referencing the viral children’s song “Baby Shark Dance” and YouTube’s most-viewed video with 8.8 billion hits, said “Baby Doge, doo, doo, doo, doo, doo.”

Price Action: At the time of writing, BABYDOGE was trading at $0.0000000017. DOGE was trading at $0.091, down 2% in the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dogecoin Slump As Post-Fed Rally Fades: Analyst Says Breaching $25K Looks Difficult For Apex Coin

 
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsBbay DogeElon Musk
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!