Is BabyDoge Still a Relevant Memecoin?

Paigambar Mohan Raj
Source: Sometimes Interesting

BabyDoge Coin (BABYDOGE) was one of the most popular memecoins during the 2021 bull run. Like most memecoins, BabyDoge relied on internet popularity and meme culture to grow. However, of late, the crypto token has taken a backseat among other popular assets.

According to LunarCrush, social mentions for the token have dropped by 16%, while social engagements have dropped by 2.4%.

Source: LunarCrush

The memecoin craze of 2021 has all but died. Only a few, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have survived the test of time. 2022 was one of the worst years for the crypto industry. Memecoin and NFTs took a big hit over the year. Bitcoin (BTC), the original cryptocurrency, lost over 60% of its value. Therefore, memecoins losing relevance was not surprising.

However, BabyDoge is witnessing a surge in its price along with the collective crypto market. The token’s price has climbed by 23.6% in the last seven days and by 44% over the previous month. This could be attributed to positive CPI (Consumer Price Index) numbers pushing investor sentiment and whale activity.

The project is also developing its burn portal to reduce the circulating supply of the token. The burn site has reportedly reached the preview stage, which implies significant progress has been made in its development. However, cryptocurrency experts are dubious about this product’s ability to compete with some of BabyDoge’s competitors in the market.

BabyDoge whales are buying BRISE, why?

Following BABYDOGE’s listing on the “zero trading cost” Brise exchange, the number of investors purchasing Bitgert (BRISE) increased.

Crypto specialists, however, think that whales are purchasing it because of future offerings. The decentralized marketplace and the official Bitgert DEX have been introduced as new additions to the Bitgert chain. These goods are included in the V2 Roadmap.

In addition, according to crypto analysts, Baby Doge whales are also acquiring $BRISE due to the potential influence that the recently launched goods will have on the currency.

To conclude, although memecoins have taken a step back since the 2022 market crash, all is not lost. BabyDoge, along with SHIB and DOGE, is still making gains on the charts. However, the development of memecoins is still a cause of concern. They do not have many real-world use cases and continue to rely on clickbait investments and followers to stay relevant.

At press time, BabyDoge was trading at $0.000000001337, up by 9.5% in the last 24 hours.