Baby Doge Coin: Can BABYDOGE Reach 1 Cent by 2030?

Paigambar Mohan Raj
Source: BSC News

Baby Doge Coin (BABYDOGE) has made serious gains over the last two weeks. Since Feb 1st, the canine-themed dogcoin has made gains of up to 161.71%. Moreover, according to CoinGecko, the currency has rallied up to 271.5% in the monthly charts. Over the year, the token has gained about 18.3%.

Baby Doge Coin’s (BABYDOGE) current rally can be attributed to the launch of its burn portal. Moreover, given that the larger cryptocurrency market is in a slump, there is no other development to push the memecoin. Nonetheless, fans and users of BABYDOGE are ecstatic about the new burn portal.

The new burn portal will remove five tokens for every token burned on the portal through April 1st.

Due to the significant rise in burns due to the portal, BABYDOGE will become scarcer more quickly. The 1:5 ratio will also encourage users to utilize the burn mechanism to reduce the number of tokens. The gateway is creative and takes on the duty of burning coins from all perspectives.

Will Baby Doge Coin reach $0.01 by 2030?

The project has a maximum circulating quantity of 420 quadrillion tokens. The burn portal attempts to drastically lower the supply of the meme currency to induce scarcity. The auto-burn method may ultimately enable Baby Doge to achieve $0.01 if it concentrates on eradicating quadrillions of tokens annually.

However, BABYDOGE does not have any real-life use cases. This could be a barrier in its pursuit of the “one cent” dream. Other rival projects such as Shiba Inu (SHIB) are trying to bring in more use cases in order to increase the use of SHIB. For example, SHIB is on the verge of launching its layer-2 network, Shibarium. Baby Doge Coin (BABYDOGE), on the other hand, does not have any such initiatives.

Additionally, the current rally might be short-lived. The cryptocurrency market is currently in a slump, with several projects on a downward trajectory. Moreover, the FED is set to release its inflation data for January later today. Many expect the FED to take a hawkish stance, given that unemployment in the US is at its lowest since 1969.

Nonetheless, 2030 is still seven years away, and things could change by then. If the project can keep the burn mechanism running smoothly while introducing some more real-life use cases, BABYDOGE could reach the $0.01 dream.

At press time, Baby Doge Coin (BABYDOGE) was trading at $0.000000004076, down by 6.9% in the last 24 hours.