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.