- The number of its investors increased significantly last month. Shiba Inu (SHIB) A 50 percent rally could come from the meme coin that outstripped its holders.
Baby Doge Coin The number of holders increased by five digits last month, surpassing the most popular meme cryptocurrency Shiba Inu.
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Added approximately 17,000 new holders
@babydogeburn_, who regularly shares data on the amount of BabyDoge tokens burned and the number of new holders joining the community, shared that 16,593 new holders have joined the community of this DOGE inspired meme coin in the past 30 days.
Koinfinans.com As we reported, according to the latest update from the BabyDoge tracker, the total number of holders of this cryptocurrency has increased to 1,611,498.
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In the past one month, #BABYDOGE has gained 16,593 new holders. The total number of #BABYDOGE holders is now 1,611,130. #BabyDogeCoin #BabyDogeArmy @BabyDogeCoin— Burn BabyDoge (@babydogeburn_) September 1, 2022
Meanwhile, the Baby Doge Coin army continues its regular token burns. In the BabyDoge burns, which have lost some of their old influence, 82,773,032,800 tokens worth only $100 were recently burned, removing them from the circulating supply.
A 50 percent rally could come from BabyDoge
The Shiba Inu’s predecessor, BabyDoge, remains one of the most volatile and speculative assets on the market, as it struggles to break out of a prolonged consolidation range where its value rose as much as 80 percent but then lost half of its gains during a reversal.
BabyDoge had entered the aforementioned range when it dropped from $0.000000003506 to $0.00000000099 in May. Such a rapid and strong decline from the local top has caused panic among investors, but has also created huge opportunities for speculative traders targeting high-risk deals that could potentially yield extremely high returns.
At the time of writing, BabyDoge is moving at the lower end of the range, and its trading history shows that if a bounce to the upper end of the range does occur, there is a possibility that it will bring more than 50 percent profit to its investors.
Most meme coin investors hope this range is broken as it will lead to parabolic growth and push BabyDoge back to the top.
The network is growing from the ground up
Despite the speculative nature of the project itself and the lack of use cases, BabyDoge is seeing a gradual increase in the number of holders, one of the key growth signs for any crypto or financial asset.
According to the Holder composition, most BabyDoge investors invested in the asset only a few months ago and are already at a loss.
Obviously, the memecoin’s story is pretty similar to that of Shiba Inu, which has been making more returns to the market in the last few days, so investors are looking forward to the massive gains that SHIB has made in this meme coin as well.
The meme coin, which currently has a market cap of $191,780,329, ranks #236 on CoinMarketCap and is changing hands at $0.000000001289 at the time of writing.
Number of SHIB holders lags behind
According to the wallet tracking platform WhaleStats, which collects and shares data on the top 100 whales on Ethereum (ETH), Binance Chain (BSC), Polygon (MATIC) and several other chains, the number of users holding the second largest dog cryptocurrency Shiba Inu is: 1,214,736 at the time. While this is around 400,000 less than BabyDoge, the market cap of this coin stands at $7,228,757,847, completely outpacing BabyDoge.
SHIB is currently on the top 10 crypto holdings list of the largest whales on Ethereum, with giant whales holding $147,312,162 worth of SHIB, which equates to 12,015,673,898,858 Shiba Inu tokens.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.