As Dogecoin, Other Meme Coins Struggle To Break Out, Baby Cake Shoots Up 40%

Cryptocurrencies at large are struggling to break out as Bitcoin (CRYPTO: BTC) bulls and bears battle around the $40,000 mark.

Dogecoin (CRYPTO: DOGE) is hovering around the 20-cent mark and other meme cryptocurrencies that struck massive gains earlier this year are charting similar courses.

Amid this anchored market, Baby Cake (CRYPTO: BABYCAKE) — a minor cryptocurrency with a fully diluted market capitalization of just $30 million is up 40% over 24 hours and seeing high social-media interest.

Baby Cake is trading at $0.0003047 — up 38% against Bitcoin and 31% against Ethereum (CRYPTO: ETH) in 24 hours leading to press time.

See Also: How To Buy Dogecoin (DOGE)

The decentralized finance, or DeFi, cryptocurrency is based on the Binance Smart Chain and available to trade on the PancakeSwap (CRYPTO: CAKE) platform.

Baby Cake promises holders passive income in CAKE tokens through a mechanism called “reflection” that was popularized by meme coins like Safemoon (CRYPTO: SAFEMOON) and Shiba Inu (CRYPTO: SHIB), as noted by CoinMarketCap.

Author’s Note: Cryptocurrencies, in general, are volatile and freshly-established cryptocurrencies with small market capitalizations especially carry significant risks. Conduct wide-reaching due diligence on your own before considering making any sort of investment.

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