BabyDoge Coin ($BABYDOGE) is currently one of the best-performing cryptocurrency projects. The popular meme coin has rallied by 206.4% in the monthly charts. Since the beginning of February, the asset rallied as high as 158%. The rally has pushed Baby Doge into the top 100 cryptocurrency projects, and according to CoinGecko, where it is currently ranked 93rd.
Whats pushing BabyDoge Coin?
The recent rally is attributed to the team burning 682 trillion BabyDoge tokens worth over $1 million. Furthermore, the team revealed that the burn portal will go live on Feb. 13th, 2022. The burn portal will be dedicated to removing BabyDoge tokens from circulation. Thus, the price surge could also be a reaction to the launch date announcement.
Additionally, the asset also recently reached an all-time high in total value locked (TVL).
The surge in price is also reflected in the token’s social sentiment. Being a meme coin, growth is proportional to online presence and popularity. According to LunarCrush, Baby Doge’s social mentions increased by 50%, while social engagements increased by 76%.
Baby Doge’s popularity seems to be growing every day. In a recent poll by CoinTelegraph on Twitter, Baby Doge Coin received the highest votes (43.6%) for the coin people are buying for the next bull run. The social metrics align with the results of the poll. Moreover, another popular meme coin Shiba Inu (SHIB) took second place with 24.8% votes. However, Dogecoin (DOGE), the original meme coin, took last place with 12% votes.
Will the project continue to rally?
The token is currently enjoying one of its best moments. Having cracked the top 100, and rallying by over 200% in the monthly charts, is commendable. The current rally is riding on the news of the project’s burn portal launch and the team removing over $1 million worth of Baby Doge.
Moreover, BabyDogeSwap was also recently integrated into the OKX wallet. OKX has 20 million users spread across over 100 countries. Therefore, the integration could lead to new users flocking to Baby Doge Coin.
With the burn portal going live soon, and the possibility of new users coming in, there is a chance that the rally could continue. However, there is also a chance that the rally could fizzle out as being a meme coin, a lot of the rallies will depend on social media and hype.
At press time, the asset was trading at $0.000000002925, up by 2.4% in the last 24 hours.