Canine-inspired meme coins have been thriving this week. While this isn’t new for large-cap assets like Dogecoin [DOGE] and Shiba Inu [SHIB], others like Floki Inu [FLOKI] and BabyDoge coin were making quite some noise.
BabyDoge was in fact giving these assets a run for their money. Baby Doge and Shiba Inu both networks have their very own decentralized finance [DeFi] platforms. Despite being fairly new when compared to Shiba Inu’s exchange, BabyDogeSwap outperformed ShibaSwap.
As seen in the above image, the total value locked in ShibaSwap was $34.47 million. However, BabyDogeSwap entailed an astounding $87.34 million.
This wasn’t all. The holder count of BabyDoge has been on an upward trajectory. The network has a total of 1,696,095 addresses. Shiba Inu, on the other hand, recently moved past the 1,300,000 mark. Currently, the network has a total of 1,305,553 unique addresses that hold SHIB.
It should be noted that this is SHIB’s all-time high in terms of holder count.
In addition, the magnitude of burns that the BabyDoge network carries out is much larger when compared to Shiba Inu. However, BabyDoge & Shiba Inu have a large disparity in terms of circulating supply.
Baby Doge and its triple-digit surge over the last 30-days
The last month has been integral for several cryptocurrencies. While most of the market pocketed double-digit gains, BabyDoge surged by 249.5%. Shiba Inu’s increase was limited to 24.4% during the same time frame.
As seen in the daily chart of SHIB and BabyDoge [Blue], the former has been moving sideways as opposed to the latter. BabyDoge’s latest performance has led the community to believe that it could emerge as the next Shiba Inu or even overtake the popular meme coin.