Baby Doge price gains over 350%: The next meme currency as Shiba Inu in 2023?

BABYDOGE’s price has risen 345% year-to-date (YTD) thanks to a combination of increased DEX volume, DeFi activity, and occupying the top spots on Binance’s trend list (and that’s without Baby Doge Coin being listed for trading on Binance!)

These positive steps have propelled Baby Doge Coin into the list of the top 80 crypto assets by market capitalization, and may very well help it become the next meme currency to enter the top 50 crypto currencies.

What’s driving the price of Baby Doge Coin up? Latest news on the Baby Doge Coin

The broader crypto market cap has seen a wave of renewed interest in 2023. This attention brought new focus to all sectors of the market, including meme currencies, and subsequently Baby Doge Coin (BABYDOGE).

In fact, BABYDOGE’s price has risen +345% year-to-date, ranking the meme currency as the second biggest YTD winner. In comparison, Dogecoin (DOGE) and Shiba Inu (SHIB) have gained +16% and +48%, respectively, year-to-date.

Dogecoin price gains in 2023
So what led to the meteoric rise of the Baby Doge Coin? Let’s take a closer look at the main factors.

Launch of the community token burning portal

The Baby Doge Coin team announced yesterday the launch of the token burning community portal on February 13.

The team explained that for every token that will be burned by the community, 5 more tokens will be burned via the new portal. “If the community burns 1 quadrillion tokens via the portal, we will burn an additional 5 quadrillion“, the team wrote.

Increase in DeFi activity and DEX volume

User and exchange activity in the Baba Doge Coin ecosystem has been on a steep rise lately. According to blockchain analytics site DeFi Llama, the total value locked (TVL) in the ecosystem has increased from $28 million to $62 million in the last month and a half.

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Baby Doge Coin TVL
Baby Doge Coin TVL has more than doubled since the beginning of 2023.

In addition, BabyDogeSwap is currently the fourth largest decentralized exchange (DEX) on the NBB chain, with a 24-hour trading volume of $4.2 million. It is worth noting that DEX is quite far behind the leading BSC-based exchange, PancakeSwap, which facilitated $224 million in exchange volume over the same period.

Trend on Binance

Last week, the popularity of the Baby Doge coin became evident on Binance, the industry’s largest crypto-currency exchange. The meme coin grabbed the top spot among trending assets on February 9.

Additionally, BABYDOGE is the fourth most popular coin on Binance over the past month, behind Bitcoin and Shiba Inu.

Interestingly, the Baby Doge coin is the only coin listed on Binance’s crypto trends page that is not listed on the platform.

Baby Doge enters the top 80. Could it become the next meme coin to enter the top 50?

On Saturday, the Baby Doge Coin team pointed out that BABYDOGE has entered the top 90 crypto-currencies and said that the meme token could climb into the top 80. Just a day later, the meme crypto currency claimed the 80th place in the crypto market capitalization ranking.

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This rapid rise raises the question of whether crypto currency could climb higher in the future. As it stands and from a purely market valuation perspective, the price of Baby Doge Coin would have to rise by more than 100% for its market cap to reach the valuation of a top 50 crypto project (Tezos, currently the 50th largest crypto, has a market cap of $945 million).

Let’s look at the Baby Doge Coin price prediction to see if such a price increase is in the cards.

Baby Doge Coin price prediction for 2023-2024: Significant volatility ahead

Baby Doge Coin prediction for 2023 and 2024

The price of Baby Doge Coin is expected to increase by more than +15% in the next month. The algorithm predicts that the price will dive after the March peak and face significant volatility in 2023 and 2024. Ultimately, the price of BABYDOGE is expected to decline by -66% by September 2024.

The bottom line – Is Baby Doge Coin the next meme coin like Shiba Inu?

The rally that Baby Doge Coin put together in 2023 was certainly impressive. In fact, some investors see the coin as a direct competitor to Shiba Inu due to its decentralized trading solution ecosystem and deflationary token offering.

Additionally, many investors are hoping that the Baby Doge coin will eventually reach 1 cent, which would make early investors incredibly wealthy. It should be noted that due to the existing token burn mechanics and the newly introduced community burn program, BABYDOGE could potentially reach and even surpass the 1 cent threshold, while Shiba Inu achieving a similar feat seems borderline impossible.

Not to brag, but we ranked Baby Doge Coin as the first meme coin to explode in 2023 in an article last year, where we also discussed other similar projects. Ultimately, no one knows what the future holds, and the best we can do is make educated guesses.

On that note, if you’re interested in expanding your investment strategy with crypto-assets that hold a lot of promise, but aren’t necessarily meme-based, we suggest looking at our selection of 10 coins that show bullish promise this year.

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