• BABYDOGE’s price surged by 96%, and trading volume spiked by 3,139% after Elon Musk’s endorsement.
  
• The meme coin’s market cap reached nearly $700 million amid the rally.

• Concerns grow over token unlocks and sell pressure, with $12M tokens unlocked since November.

BABYDOGE’s price has doubled in the past 24 hours after a mention from Elon Musk sent the market into a frenzy.

In a post on X on Saturday, Musk shared a picture of himself carrying a boy on his shoulders, with inscriptions labeling him “Dogefather” and the boy “Dogeson.” Musk explicitly noted that the image represented both DOGE and MiniDOGE.

The crypto community quickly took notice of this development. Dogecoin saw a notable 10% spike in its price, but BABYDOGE experienced the most significant impact from Musk’s latest endorsement.

BABYDOGE Price Reacts

Specifically, BABYDOGE saw its price surge from $0.000000002366 to as high as $0.000000004625. This marked a giant 96% increase within 24 hours following Musk’s endorsement. The meme coin didn’t stop there.

According to CoinMarketCap, its market cap skyrocketed to nearly $700 million, and 24-hour trading volume increased by 3,139% to reach $1.44 billion.

While the price rally has excited investors, concerns about the coin’s circulating supply and token unlocks have raised caution among analysts.

Token Unlocks and Exchange Movements

Data reveals that BABYDOGE remains partially unlocked, with only 79.33% of its total supply currently in circulation. For context, BABYDOGE has a total supply of 202.64 quadrillion, with only 160.76 quadrillion in circulation.

The latest token activity saw the UNCX Network vesting contract unlock $2.42 million worth of BABYDOGE tokens into a multi-signature wallet. These tokens were quickly deposited into Binance within hours, a pattern that has been ongoing for the past month.

Since November, $12.02 million worth of BABYDOGE tokens have been unlocked and sent to exchanges. The vesting contract still holds 9.55% of the total BABYDOGE supply, valued at approximately $169 million, which is set for future unlocks.

Market Implications

The sudden influx of unlocked tokens into exchanges raises red flags for traders, as it can lead to increased supply and potential price corrections. Despite this, the community’s enthusiasm and Musk’s recent endorsement continue to drive strong buying interest.