A new dog-themed crypto asset with a staggering total supply is surging despite a widespread crypto market pullback.
Baby Doge Coin (BABYDOGE), jokingly referred to as the “son” of Dogecoin (DOGE), saw its price jump 122% to $0.000000004038 in just one week, vastly outpacing its rival memecoins DOGE and Shiba Inu (SHIB).
The rally pushed BABYDOGE’s market cap over $650,000,000, making it the 144th-ranked digital asset by market cap.
Launched in June 2021, Baby Doge Coin is a hyper-deflationary token with a static reflection that rewards its HODLers, according to its website. A static reflection is a protocol designed to correct problems with a crypto asset’s mining rewards.
“Baby Doge Coin is a deflationary token designed to become more scarce over time.
All holders of Baby Doge Coin will earn more BABYDOGE coins that [are] automatically sent to [their] wallet by simply holding BABYDOGE coins in [their] wallet…
Baby Doge Coin holders automatically receive a 5% fee from every on-chain transaction that happens on the BABYDOGE ecosystem.
The community receives more BABYDOGE coins from the fees generated each transaction.”
BABYDOGE has an overall supply of 420 quadrillion tokens and a circulating supply of 164 quadrillion. However, the platform routinely burns tokens with each transaction.
“We have burned 41%+ of the supply.
That means out of the 5% of the redistribution 41%+ of it will be distributed to the dead wallet each transaction.
Coins are burned with every transaction.”
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Featured Image: Shutterstock/Romolo Tavani/Natalia Siiatovskaia