Baby doge takes off as banks sweat crypto competition

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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.