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

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