Four days ago, the crypto community caught a whiff of a new meme-based token called Baby Doge. The coin gained massive attention when Tesla CEO Elon Musk tweeted about it, sending its value skyrocketing. Although Musk has not mentioned it since, the rally has continued, defying a broader market slump.
Weekly Stats Show Baby Doge Outshines Most Crypto Assets
According to earlier reports, Baby Doge surged 228.3% in 24 hours on July 1 after Musk’s tweet. As of Monday morning (EDT), the token had dipped slightly but still posted a 248.9% seven-day gain. Over the past two weeks, Baby Doge has recorded an astonishing 723% increase.
The token’s price doubled from $0.000000002014 to $0.000000004585 per unit. Each transaction incurs a 10% fee, with 5% redistributed to holders and the remaining 5% added to the BABYDOGE/BNB liquidity pool on Pancakeswap.
Mainstream Attention and Exchange Listings
Musk’s tweet triggered extensive mainstream media coverage. The New York Post published an explainer, while Fool.com asked readers if they should buy Baby Doge. Since July 1, the number of trading platforms listing Baby Doge has grown from just Pancakeswap to four: Pancakeswap, MEXC Global, XT.com, and Lbank. Pancakeswap v1 shows 24-hour swap volumes of $71 million, while v2 adds over $3 million.
Meme Token Market: Dogecoin Struggles as Newcomers Surge
CoinGecko’s “Top Meme Tokens by Market Cap” list reveals that Dogecoin (DOGE) fell 11.4% in the past week, while Baby Doge soared. Shiba Inu (SHIB) rose 7.4% on the day, and other dog-themed tokens like Dogelon Mars (ELON) gained 31% weekly. Baby Doge’s 24-hour trading volume reached $103 million, still far behind DOGE ($1.3 billion) and SHIB ($400 million), but growing fast.
Although most data aggregators do not report Baby Doge’s market cap, calculating from its total supply of 420 quadrillion tokens and current price gives an approximate $1.925 billion valuation. The token ranks 31st among all meme coins tracked by CoinGecko.
The rally underscores the enduring power of meme tokens and Elon Musk’s influence on crypto markets. However, investors should be cautious about extreme volatility and the speculative nature of such assets.