Meme coins are rallying with the best of them as bitcoin, which has a 46.2% dominance rate, continues to dictate the direction of the market. Dogecoin and fellow dog-themed cryptocurrency Baby Doge Coin are riding the bitcoin-fueled tide higher, but they each have catalysts of their own that warrant a rally.
Baby Doge soared as much as 54% in the last 24 hours after a roller coaster of a week. This meme coin was created to outperform its meme father Dogecoin on transaction speed and its deflationary nature.
In early July, Baby Doge burned 10 quadrillion coins — valued at USD 7.2 million at the time — to mark its one-month birthday and in a nod to Elon Musk’s tweet about the cryptocurrency. Coin burns take those tokens out of circulation and fuel the scarcity narrative.
Baby Doge Catalyst
Baby Doge Coin has managed to get on the radar of Gate.io Exchange, which is ranked among the top 10 cryptocurrency trading platforms. Gate.io will perform a free airdrop of BabyDoge on July 22 “to reward platform users.” The offering generated a great deal of excitement in the Baby Doge community, with followers calling for Doge’s meme son to go to the moon. The Baby Doge Coin team touted a Gate.io listing.
For a project that was launched in early June, Baby Doge Coin has been gaining traction. This meme coin’s community has grown to more than 475K holders as of July 20.
Dogecoin is also higher by a double-digit percentage in the past 24-hour period, giving investors something to cheer about after a bout of selling.
The Dogecoin team has been riding the wave of space travel, now that Richard Branson and Jeff Bezos have both successfully completed their missions. Dogecoin investors are hoping Elon Musk will be the charm, as the SpaceX founder recently vowed “to put a literal Dogecoin on the literal moon.”
Dogecoin has not only captured the attention of billionaire Musk but also consumer brand AXE, which makes men’s grooming products. AXE on July 20 distributed “DogeCans” to fans for free. While the Dogecoin supply might have the potential to be infinite in nature, the cans are not and were part of a limited edition. AXE’s DogeCans are complete gone.
The AXE team is a fan of the Dogecoin project and has been engaging with the community for days in hopes of sending the DOGE price to the moon.
This article was originally posted on FX Empire