Baby Doge Coin (CRYPTO: BabyDoge) gained a considerable portion of its value today in a move that defied the overall direction of the crypto market while also exceeding the momentum of most of its peers.
What Happened: According to CoinMarketCap data, Baby Doge Coin’s price skyrocketed by nearly 70% from its 24-hour low of $0.0000000012 to a high of $0.000000002187, before settling at a price of $0.000000001955 as of press time.
Why It Matters: Earlier today, the coin came tumbling down just as Bitcoin (CRYPTO: BTC) fell below $30,000. The market leader is currently trading at around $29,876.
Baby Doge Coin later drastically inverted its movement’s direction. Its big brother — or, rather, father — Dogecoin (CRYPTO: DOGE) traded over 8% lower in the early hours of today’s morning.
The whole crypto market crashed following speculation about the hostility towards crypto by the United States regulators. A recent announcement by Zac Prince — the CEO of crypto lender and interest account provider BlockFi — reveals that his firm has received a cease and desist order.
The order in question was sent by the New Jersey Bureau of Securities intending to stop the company from offering interest-bearing accounts to new customers in the state, presumably suggesting that the service is in violation of securities regulation.
Still, Baby Doge Coin is just a dog, and he does not care about all of this human business, so it decided to rally despite all of that.
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