The cryptocurrency market has entered a recovery period after the recent crash. The total value of all assets in the market has risen again above $1 trillion, which is considered a critical level. In the midst of this rise, the popular meme coin Baby Doge Coin has taken the top spot on Binance’s trending coin list, surpassing other cryptocurrencies.
As seen in the list above, assets such as Bitcoin, Shiba Inu, MATIC and Ethereum are behind BABYDOGE.
However, the social sentiment regarding the meme coin seems to have collapsed. Data from LunarCrush reveals that meme coin mentions have decreased by 14.6% in the past week. Also, bullish sentiment dropped 18.9%, while bearish sentiment posted a massive 340.2% gain in the same weekly timeframe.
Moreover, BABYDOGE; Other leading coins like Bitcoin, Ethereum, Dogecoin, and Shiba Inu have a positive correlation (between 0.56 and 0.62). Therefore, the overall market situation will also affect Baby Doge Coin at the end of the day. With Bitcoin’s direction currently uncertain, one cannot be sure that any rally will continue for the meme coin as well.
BABYDOGE Burn Rate
In addition to all these data, as a positive situation, we can say that Baby Doge Coin continues its heavy burning activities. In this direction, more than 5 trillion meme coins have been burned in the last 24 hours, thus taking another step towards reducing the token supply.
In the past 24 hours, 5,143,487,789.504 BABYDOGEs worth $12,360 have been circulated. removed. So far, 204,148,557,750,502,656 BABYDOGEs, accounting for 48.6% of the total supply, have been burned from the initial supply of 420 quadrillion.
You can follow the current price action here.