Does BabyDoge have to depend on Bitcoin, Ethereum to recover?

Lavina Daryanani
Source: CoinChapter

Bitcoin and Ethereum’s valuation has stabilized over the past day. The market’s king coin has been hovering around the $16.5k mark, while the altcoin-king has held fast to $1.1k. With a minor 0.9% downward deviation, the crypto market cap stood almost unchanged at around $830 billion on Friday.

State of BabyDoge

Over the past day, only two memecoins, out of the top four, had noted gains. BabyDoge was one among them. After noting a slight elevation of 0.25% in the last 24 hours, the $126.19 million market-capped asset was trading at $0.000000001096 at press time

Source: CMC

Irrespective of the price stagnation, BabyDoge tokens continue to be removed out of the supply via burns. A burning tracker revealed that over 4.16 trillion coins were sent to dead wallets in past 24 hours. Resultantly, 47% of the tokens have been burned in total till today from the total supply.

Alongside, the number of token HODLers also continued to rise. The same hinted at the entrance of new participants into the BabyDoge playing field. Post welcoming over 213 new entrants, the cumulative number of Baby Doge Coin investors stood north of 1.64 million at press time.

Furthermore, the Total Value Locked on BabyDogeSwap has also been able to gradually recover, indicating that users were depositing assets. From November 10’s lows of $23.1 million, the value of all the assets on the platform stood north of $28 million at press time.

Source: DeFiLlama

Correlation Tangent

As highlighted above, BabyDoge’s price noted only a minor deviation over the past day and followed the broader market ‘stabilization’ trend. Nevertheless, it should be noted that the weekly correlation of the asset with Bitcoin and Ethereum stands at merely 0.34 and 0.28.

In fact, the asset’s bond was much weaker than other coins from its own boat. Its correlation with Dogecoin and Shiba Inu stood at 0.23 and 0.28 respectively.

Source: Cryptowatch

So, instead of relying on the broader market to help it recover from its post-parabolic recovery debacle, BabyDoge will have to look internally into its own ecosystem and refine things, even more, to be able to negate investor losses.

Source: TradingView