A major investor in Baby Doge Coin (BABYDOGE), a Dogecoin-inspired meme cryptocurrency, sold billions of tokens within an hour, causing a potential price drop for the coin.
According to data from BscScan, a blockchain explorer for the Binance Smart Chain network, an hour ago, the whale mined 2 trillion BABYDOGE tokens (worth about $2.6 million) from a stake pool and exchanged them for Binance Coin (BNB), the native token of the Binance ecosystem. started to trade.
Whale has so far traded 54 billion BABYDOGE tokens for 329 BNB tokens (approximately $70,200 worth) and currently holds approximately 1.98 trillion BABYDOGE tokens (approximately $2.58 million worth).
Before this move of the whale, there was already a bearish trend in the price of BABYDOGE. The meme token has lost approximately 5% in the last 24 hours.
BABYDOGE is one of the many meme coins that emerged after the popularity of Dogecoin. The coin claims to be a "new and improved version of Dogecoin" that is "hyper-deflationary" and supports animal-loving charities. However, some critics have warned that BABYDOGE and other similar coins are highly speculative and risky investments that can quickly lose value.
*Not investment advice.
