The number of wallet addresses holding BabyDoge ($BABYDOGE), a cryptocurrency create by Dogecoin fans to “impress his father by showing his new improved transaction speeds & adorableness” has surpassed the number of wallets holding rival meme-inspired cryptocurrency Shiba Inu ($SHIB).
The difference was first pointed out by the official Twitter account of BabyDoge, which posted screenshots of both BscScan and Etherscan, two blockchain trackers for the Binance Smart Chain and Ethereum respectively.
It’s worth noting the figures only reflect wallets on the Ethereum and Binance Smart Chain blockchains and not individual holders. One SHIB or BABYDOGE holder can, for example, hold dozens of wallets, while another wallet can have the funds of thousands of holders if they custody their funds on an exchange, for example.
Shiba Inu’s price has been dropping since November 2021 after hitting an all-time high of around $0.0008, while over the same period the price of BabyDoge declined before resuming its uptrend in mid-December.
As CryptoGlobe reported, BABYDOGE recently became 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 cryptocurrency’s NASCAR debut was on July 10, with BABYDOGE’s branding featured on driver Brandon Brown’s No. 68 Chevrolet Camaro. The cryptocurrency, it’s worth noting, was launched June 1 on the Binance Smart Chain with a mission to save as many dogs as possible, according to its website.
Both BABYDOGE and SHIB have been betting on token burns in a bid to reduce circulating supply, which could lead to price increases if met with growing demand. A total of nine businesses has recently pledged to burn SHIB using a part of their profits and SHIB burns have seen only 59% of the supply remain, while BabyDoge has seen over 5 quadrillion tokens get burned.
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