All Bark, No Bite: Baby Doge Sheds While Market Gains
Baby Doge was amongst the countless dog projects to claim the limelight with Doge. The meme coin that was built to help dogs has definitely seen better days. Price of Baby Doge had surged after Elon Musk had tweeted about the project. A tweet that was an ode to the beloved children’s song Baby Shark.
Baby Doge, doo, doo, doo, doo, doo,Baby Doge, doo, doo, doo, doo, doo,Baby Doge, doo, doo, doo, doo, doo,Baby Doge— Elon Musk (@elonmusk) July 1, 2021
Immediately following the tweet was a 40% price pump. And by the next 24 hours, the price of Baby Doge had jumped over 95%. The pump happened barely two weeks after the launch of the coin. Which would see the price hit a new all-time high. This would evidently become the glory days of the meme coin. Since then, Baby Doge has lost over 50% of its value.
Lagging Behind The Market
The meme coin had seen a lot of support after Musk had tweeted about it. So much in fact that the Baby Doge logo was plastered all over a NASCAR race car. This was in an attempt to rally more support for the coin. But even this bold move would prove futile as the price would continue to suffer.
The present bull rally has now seen both Bitcoin and altcoins recover a good majority of their value. With coins like Cardano (ADA) and Solana (SOL) hitting new all-time highs with this run. Baby Doge, on the other hand, seems immune to this run-up. Baby Doge’s price has rather gone in the opposite direction of the market. The asset has shedded a good percentage during the bull rally.
Baby Doge had earlier experience a small upward correction at the start of the present rally at the beginning of August. But further downtrend would follow this upward movement. While the market rages on in a bull, Baby Doge’s price suffers. Mostly due to the hype around the project dying down.
By The Numbers: How Much Baby Doge Has Lost
A countdown from the all-time high of Baby Doge shows that the asset has lost over 85% of value since then. The majority of this loss occurred in the two weeks following Musk’s tweets. As investors dumped their bags and left the asset behind to burn. Efforts from the team to get the value back up have not resulted too much.
The hype around the meme project had mostly died down by the end of July. Which had seen the price of the coin plunging a further 40% after an upward correction.
At the current price of $0.0000000012, the price has seen a 48% dip in price just this month alone. 24-hour trading numbers put the current loss at 1.01%. While trading volume has seen a 17% dip. The market cap of Baby Doge has recorded no positive movement. Currently sitting at $338,222,860 at this time of this writing.Source