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Summary
- Baby Doge was created on 1 June 2021 and was developed by the Dogecoin community. The first recorded price of Baby Doge was US$0.000000000175, with the current price at US$0.000000004660.
- Baby Doge incentivises holding the coin by charging a 10% fee every time the coin is traded. Of that 10%, 5% is distributed to those who have held onto the coin.
- Much like Dogecoin, Baby Doge’s price was given a boost by a public tweet by none other than crypto enthusiast and dog lover Elon Musk when the SpaceX CEO touted his support of the meme coin via Twitter last week.
- The creators of Baby Doge said last Thursday that they would be conducting a “coin burn” of three quadrillion baby doge coins, effectively reducing supply and consequently driving up the coin’s price.
The world of cryptocurrency moves at a rapid pace. A few months ago, a meme crypto named Dogecoin was all the rage with famous celebrities, including Tesla billionaire and space adventurer Elon Musk, publicly singing the praises of the Shiba-Inu-inspired coin.
Since then, Dogecoin has inspired a new generation of altcoins, including the Shiba Inu coin, inspired by the Japanese dog breed that had previously inspired Dogecoin.
But now, a new crypto has entered the fray. Baby Doge is the latest meme coin to be inspired by the original Dogecoin, and if you’re wondering whether Elon Musk is getting involved with this coin too, consider this: it’s a cryptocurrency with a dog as its mascot, so of course he is.
Mr Elon Musk (Source: © Hutchinsphoto | Megapixl.com)
What Is Baby Doge?
Baby Doge was created on 1 June 2021 and was developed by the Dogecoin community. The first recorded price of Baby Doge was US$0.000000000175, with the current price at US$0. 000000004660.
Much like its predecessor, Dogecoin, Baby Doge features a Shiba Inu dog, only this time it’s a cartoon-like puppy, indicating it’s the son (or daughter) of the Shiba Inu dog featured on Dogecoin.
Source: © Arif77shine | Megapixl.com
The website for Baby Doge claims that the coin aims to provide transparency and fairness to the cryptocurrency community, much like Dogecoin.
One of the distinguishing features of Baby Doge is that it rewards users that hold on to the coin. It incentivises holding the coin by charging a 10% fee every time the coin is traded. Of that 10%, 5% is distributed to those who have held onto the coin, and the remaining 5% is added to a liquidity pool combined with another more established crypto – Binance Coin.
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Potential issues
If this feature sounds familiar, it’s because it mirrors another crypto called Safemoon. The marketing strategy of Safemoon raised a few eyebrows earlier this year as critics claimed it to be a risky investment because it requires buyers to continue buying to keep its price up.
Given Baby Doge has an almost identical marketing strategy, it’s safe to say those same critics would have similar issues with the newly created Baby Doge.
Indeed some critics have been quick to label Baby Doge as a “pyramid scheme”, saying that the only way to make money is to get in early and preferably before Elon Musk begins tweeting about it.
Pyramid Scheme (Source: © Fadil6379 | Megapixl.com)
Is Baby Doge a good investment?
Much like Dogecoin, Baby Doge’s price was given a boost by a public tweet by crypto enthusiast and dog lover Elon Musk when the SpaceX CEO touted his support of the meme coin via Twitter last week.
The tweet caused the price of Baby Doge to double immediately. However, the “Musk effect” was only short-lived as Friday, the price had dropped 22%. Despite the drop, Baby Doge’s trading volume has remained high, giving some hope that it may sustain some long-term interest among crypto investors.
According to CoinGecko, people who purchased Baby Doge on its opening day have achieved a 500% return so far. Additionally, over 200,000 people purchased Baby Doge in its opening month.
Baby Doge is “hyper-deflationary”
Whilst Dogecoin and Baby Doge possess many similar features, one of the major differences is that Baby Doge has a limited supply of coins, whereas Dogecoin’s supply is unlimited. This, according to its creators, makes Baby Doge “hyper-deflationary”.
Moreover, the creators said last Thursday that they would be conducting a “coin burn” of three quadrillion baby doge coins, effectively reducing supply and consequently driving up the coin’s price.
Where to buy Baby Doge?
Baby Doge is not currently featured on mainstream crypto exchanges such as Coinbase. However, those who are interested in Baby Doge can purchase the coin using the Binance crypto exchange.
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