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CoinEx Listing Sees $BABYDOGE Price Jump as Number of Hodlers Keeps Growing | Cryptoglobe


www.cryptoglobe.com 19 January 2022 22:26, UTC
Reading time: ~2 m

The price of the meme-inspired cryptocurrency BabyDoge ($BABYDOGE) has surged after the token was listed on Hong Kong-based trading platform CoinEx through a trading pair against Tether’s USDT stablecoin.

According to an announcement published on CoinEx, BABYDOGE deposits and withdrawals went live early on January 18, with trading for the cryptocurrency starting shortly after. The listing boosts BabyDoge’s liquidity, as the only other major centralized exchanges listing it were OKEx, Poloniex, and Gate.io, with Poloniex adding a pair against TRON and not USDT.

Despite the lack of listings on centralized trading platforms, BABYDOGE has over 1.2 million holders on the blockchain, with most users taking advantage of decentralized exchanges like PancakeSwap to buy the token.

While rival memecoins $DOGE and $SHIB have been seeing their prices drop over the last few weeks, the price of BABYDOGE has kept on moving upward, with the cryptocurrency being up 290% over the last 30 days and 3% over the past week.

BABYDOGE USDT Chart via TradingView

The community behind BabyDoge has notably rallied to try and get the token listed on leading exchange Binance, taking advantage of a campaign the trading platform launched where it asked users to make wishes in a bid to make some of them come true.

BABYDOGE, it’s worth noting, was launched on top of the Binance Smart Chain network, while SHIB and other memecoins were launched on top of Ethereum. As CryptoGlobe reported, the number of wallet addresses holding BabyDoge has recently surpassed those holding onto Shiba Inu.

BabyDoge has also recently become the most traded token among Binance Smart Chain whales, even flipping a tokenized version of Ethereum’s ether on that blockchain. The move was accompanied by significant accumulation of the cryptocurrency by the top whales on the Binance Smart Chain, which hold over 45 trillion tokens.

The meme-inspired cryptocurrency was developed as a hyper-deflationary token looking to become an “improved” version of Dogecoin, while championing its mission of rescuing dogs. Each BABYDOGE transaction is taxed at 10%, 5% of which are distributed to token holders and 5% of which are allocated to a liquidity pool.

Notably, rivals DOGE and SHIB have been listed on most major centralized trading platforms including Binance, Coinbase, Kraken, and FTX.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Pixabay


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