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BabyDoge Displays the Power of Community: Token Doubles Price While Cryptos Retract

Despite the original memecoin, Dogecoin, being over eight years old, memecoins gained massive attention in 2021. Shiba Inu rallied 49,000,000% in 2021. 

The astonishing SHIB rally was backed by one of the most active communities – the Shiba Army. Following this blueprint, a host of Shiba Inu-inspired tokens with little inherent value were born.

BabyDoge, one of the many Shiba Inu-inspired tokens, has once again displayed the power decentralization gives to the people, showing that pupcoins were not left behind in 2021.

BabyDoge Doubles Price in 2022

Earlier this week, the BabyDoge community took to Twitter to advise would-be investors to get on the BABYDOGE rocket before it takes off.

The swaths of community support paid off, with the number of BabyDoge holders hitting a record 1.15 million, surpassing the number of Shiba Inu holders. The token also reached impressive highs in trading volume as more users turned to the meme coin.

Following a BabyDoge Tweet, its community turned to the Binance MyCryptoWish campaign to list BABYDOGE on its platform, where several rival meme coins like DOGE and SHIB have been listed.

The buzz caused BabyDoge to trend on Twitter and created traction for BABYDOGE to build a solid start to January. Year-to-date, the token has gained 117%, making it one of the best-performing digital assets of the year.

The five days price chart of BabyDoge. Source: Tradingview

On the Flipside

  • Despite its recent rally, BABYDOGE is still down by more than 30% from its all-time high.

Why You Should Care

Not only did BabyDoge double its price on January 10, but the memecoin also topped Ethereum to become the most traded token among the 1,000 richest Binance Smart Chain (BSC) wallets. This further displays how much a community can achieve.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.