With the continued decline in the market, leading cryptocurrencies continue to lose value. The total value of all cryptocurrencies in the market fell as low as $877.2 billion after recording a significant drop of 10.43% compared to the previous day.
How did the meme coin react?
The same is true for meme coins. Shiba Inu and Dogecoin paved the way for declines, losing around 9% and 10.74% on a daily basis. Baby Doge Coin also followed suit and is trading at $0.000000001162 after posting a 6.8% drop in the last 24 hours.
Before the downtrend hit the market, Baby Doge was in a pretty comfortable position. Since the second half of October, the meme coin price had been rising. Until November 6, Baby Doge was trading at the same highs as in August.
Number of Investors Increases
Baby Doge coin continues to be taken out of circulation by burning processes. An account tracking burn activities revealed that 36,806,763,466,255 (36 trillion) meme coins have been sent to the dead wallet in the past 24 hours.
🔥🔥🔥🔥
In the past 24 hours, 36,806,763,466,255 (~$42,769) #BABYDOGE tokens have been burned. So far, 199,294,410,058,545,408 #BABYDOGE tokens (47.451%) have been burned from the total supply of 420,000,000,000,000,000. #BabyDogeCoin #BabyDogeArmy @BabyDogeCoin— Burn BabyDoge (@babydogeburn_) November 9, 2022
In addition, the number of token holders continues to rise. According to Crypteye data, new participants are being added to the Baby Doge playground. In the last seven days, 2,828 new investors entered the field and the total number of investors reached 1,635,048, setting a new record.
BabyDogeSwap has been seeing constant listings on its platform for the past few days, indicating users are depositing assets. As a result, the total value locked in here was $32.5 million on Nov. The recent disaster led to major exits. However, at press time on Wednesday, a slight rebound was noted as the metric returned to positive territory.
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.