What Happened: According to small cap crypto market data service PooCoin (CRYPTO: POOCOIN), Baby Doge Coin’s price grew by 21,844% from $0.0000000000018 on May 31 to $0.0000000003950 earlier this month — an average of 1,213% gain per day.
As of press time, the coin’s price is $0.0000000002785, nearly 42% down from its all-time high.
During its short lifespan, Baby Doge Coin gained 42,700 Twitter followers and nearly 38,000 Telegram users in its channel while also passing a cybersecurity audit by Binance Smart Chain (CRYPTO: BNB) security firm Dessert Finance.
Earlier Friday, the coin’s official Twitter profile said the asset reached over 75,000 on-chain holders. Lastly, on Thursday it announced that on Sunday 2.5 BABYDOGE will be destroyed, reducing the circulating supply — at the time of the announcement those tokens were purportedly valued at over $600,000.
Differently from its “father” crypto Dogecoin, Baby Doge Coin does not run on its own blockchain and instead it relies on the Binance Smart Chain, launched by crypto exchange Binance.
Its proponents claim that this blockchain will make this token much faster and useable since its block times are 5 seconds as opposed to Dogecoin’s 60 seconds.
In order to be processed, crypto transactions have to be saved in so-called blocks.
The block time is the feature of a blockchain that determines how fast new blocks are produced, and the faster they are produced, the faster transactions can be processed.