A turning point in the crypto market has taken place during these past few weeks with the advent of meme tokens, especially dog-themed ones following the Dogecoin (DOGE) archetype. Such coins have staged triple-digit rallies in the short term, which has led the crypto community to focus on these newborn tokens on all social media and in Telegram crypto discussion groups.
The level of demand has been so high that the deposit system of the Binance Smart Chain reached its highest peak ever.
Crypto Doggies has been the most renowned dog-themed project in the BEP-20 BSC network since its release in mid-May 2021. The Binance Smart Chain network provides users with faster transactions and lower fees than the Ethereum network, thus entailing high reliability and stability plus addressing the concerning carbon footprint stemming from the mining of Ether (ETH) or Bitcoin (BTC) as Elon Musk mentioned recently on Twitter.
The DOGGY token is the BSC utility token for Crypto Doggies, and it has already been inducted in the BSC hall of fame. It has also had the most successful BakerySwap Launchpad initial DEX offering on the platform since its inception.
Numbers speak for themselves: A whopping 80% of the DOGGY supply, worth 4,000 Binance Coin (BNB) at the time of the IDO (1 million DOGGY = 1 BNB), was sold out in just three seconds. In addition, the price has skyrocketed 16,600% since the IDO.
Currently, the DOGGY token has surpassed a total market capitalization of $350 million.
All these figures are backed by a daily volume of more than $100 million and more than 42,000 different holders in only four days, positioning itself as the No. 1 coin in volume on BakerySwap on a daily basis. In fact, BakerySwap smashed its daily volume record thanks to DOGGY, exceeding the $260-million mark.
Unlike other dog-themed tokens whose appeal relies upon their meme-oriented nature, Crypto Doggies has proven there are many reasons for its incredibly high demand.
Firstly, there is the utility of DOGGY: Holders will be able to burn their DOGGY to mint top-notch NFT art made by first-class artists — 1 nonfungible token for 100,000 DOGGY. The proud owners of these DOGGY NFTs will be able to buy, collect or sell in NFT marketplaces, starting with the BakerySwap exchange. The NFT sector is still stirring up the blockchain industry with an unparalleled demand over the past months. If there is a remarkable all-in-one DeFi platform for NFTs, it is undoubtedly BakerySwap, as it has become the No. 1 exchange on Binance Smart Chain for solid decentralized finance and NFT projects.
Secondly, as DOGGY has become part of the BakerySwap ecosystem, it will be possible to use it in projects, such as in Maye Musk’s KodaRobotDog NFT auction in BakerySwap.
DOGGY’s goal is to reach $1 for 1 DOGGY, and its supply decreases over time. Moreover, minting pixelated dog art pieces is expected to boost the price of DOGGY to a new all-time high.
There is more to come, including the launch of DOGGY on new exchanges and more features and events on BakerySwap.
To learn more about DOGGY and the NFT and DeFi universe, visit https://twitter.com/thedoggycoin.