You don’t need to read too many headlines to know that we are in the midst of a pupcoin frenzy that has come to dominate investment circles over the course of 2021. Spring brought the rise of Dogecoin (CCC:DOGE-USD) and although rushes on Shiba Inu (CCC:SHIB-USD) and newcomer Floki Inu (CCC:FLOKI-USD) have overtaken most crypto token coverage recently, another offshoot of Dogecoin has also been enjoying a surge. Baby Doge Coin (CCC:BABYDOGE-USD) prices are rising and investors who went long in early September are enjoying the ride.
Baby Doge Coin Prices are On the Move
What has Baby Doge’s recent price trajectory been like?
In short, it’s been pretty good. As of this writing, prices are up 3.9% for the hour, almost 10% for the day and over 105% for the week. Its gains for the month are even impressive, exceeding 150%. This may be the puppy version of the this craze but it’s proven that as far as dog-inspired tokens go, it can hunt.
It’s worth noting, though, that Baby Doge and Dogecoin are fundamentally different. InvestorPlace’s Brenden Rearick dug into exactly this, highlighting their distinctly different styles of growth.
As he notes “BabyDoge is something with hypergrowth potential; an Elon Musk tweet can elevate your portfolio almost 90%. Dogecoin is something with potential for legitimate future use; you could one day use Dogecoin to buy your groceries. They may have similar names, they may walk with a similar strut. But rest assured, these are two very different cryptocurrencies.”
What Critics Say
These recent gains in Baby Doge Coin prices are impressive, like those we saw during the summer. That doesn’t mean that Baby Doge doesn’t have its critics, though. On the contrary, some analysts have been quick to point to its lack of potential for sustainable growth, claiming its utilities are too limited.
July 2021 saw InvestorPlace analyst Luke Lango take a well-calculated swing at Baby Doge. In his words, “In a world where technology and creativity can join forces and have a lasting, positive impact on the world, Baby Doge Coin chose to utilize zero creative juices and create something technologically unimpressive.”
Shortly thereafter, contributor Joel Baglole accused Baby Doge of “raising more questions than it answered.” He added that “With several more legitimate cryptocurrencies such as Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD) available for investors to purchase, there is no real reason to risk money on Dogecoin [or Baby Doge].”
What’s Next for Baby Doge?
Neither Lango or Baglole has discussed the surge in Baby Doge Coin prices so far. InvestorPlace Markets Analyst Thomas Yeung more recently named it as part of the recent altcoin resurgence.
The pupcoin frenzy has been unpredictable, but it’s not over yet. And the way it looks from here, it may just be getting started. Social media investment communities are more than happy to do their part to keep the buzz around these cryptos going strong. Baby Doge Coin prices are hot right now and regardless of any limitations that may affect long-term growth potential, it’s absolutely worth watching.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.