Number of BabyDoge holders has surged significantly over past month, surpassing Shiba Inu
Over the past month, the number of Baby DogeCoin (BabyDoge) holders has added five digits and is again ahead of Shiba Inu.
Nearly 17,000 new Baby DogeCoin holders added
@babydogeburn_ who regularly shares data on the amount of burnt BabyDoge tokens and on the number of new holders flowing in has tweeted that, over the past 30 days, 16,593 new holders have joined this DOGE-inspired meme token’s community.
At the moment, the total holder count of this cryptocurrency stands at 1,611,130. The most recent update from the BabyDoge tracker, though, says that this number has grown to 1,611,498.
In the meantime, the Baby Doge Coin army continues its regular token burns. Recently, 82,773,032,800 coins worth merely $100 have been burned and, therefore, removed from the circulating supply. The coin’s market cap, at present, comprises $191,780,329 and is ranked 236th on CoinMarketCap. At the time of this writing, BabyDoge is changing hands at $0.000000001289.
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In the past one month, #BABYDOGE has gained 16,593 new holders. The total number of #BABYDOGE holders is now 1,611,130. #BabyDogeCoin #BabyDogeArmy @BabyDogeCoin— Burn BabyDoge (@babydogeburn_) September 1, 2022
According to WhaleStats, the number of users holding the second largest canine token Shiba Inu is currently 1,214,736. This is around 400,000 less than that of BabyDoge. This coin’s market cap amounts to $7,228,757,847, leaving BabyDoge far behind. SHIB, at the moment, is on the list of top 10 crypto holdings of the biggest whales on Ethereum. As of now, they are holding $147,312,162 worth of SHIB, which equals 12,015,673,898,858 tokens.
Shiba Inu and Dogecoin predecessor might be aiming for reversal to upper border of consolidation range
BabyDoge remains one of the most volatile and speculative assets on the market as Shiba Inu’s predecessor is still struggling to exit the prolonged consolidation range in which it gained up to 80% to its value, but then it lost half of it during a reversal.
BabyDoge entered the aforementioned range back in May when it tumbled from $0.000000003506 to $0.00000000099. Such a rapid and strong drop from the local high caused a panic among investors but also flashed opportunities for speculative traders who aim at high-risk deals that might potentially bring extremely high returns.
Source: TradingView
At press time, BabyDoge is moving at the lower border of the range which, according to its trading history, suggests that the bounce to the upper border of the range is a possibility which, if it happens, will bring more than 50% in profit to holders. The range break is what most holders of the meme asset aim for as it might cause parabolic growth and put BabyDoge back at the top.
Despite the speculative nature of the project itself and the lack of use cases, we are seeing a gradual increase in the number of BabyDoge holders, which is one of the most important signs of growth for any kind of crypto or financial asset.
According to the holder composition, most Baby DogeCoin investors invested in the asset only a few months ago and are already holding it at a loss. Obviously, the story of the memecoin can be compared to Shiba Inu’s, which has shown the market greater returns in recent days.
Read more:
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