Dogecoin was founded as a meme coin, and it has been one of the best performing cryptocurrencies in the world. At the moment, the altcoin is ranked as the 10th most valuable cryptocurrency. The success of Dogecoin inspired the rise of several related cryptocurrencies, and one of these is Baby Doge Coin. More than one million of people currently hold Baby Doge Coin. Therefore, it is essential to understand the Baby Doge Coin project.
Overview of Baby Doge Coin
Baby Doge Coin was launched in June 2021, and just like Dogecoin, it is highly volatile and speculative. One key difference between Dogecoin and Baby Doge Coin is the fact that the supply of Baby Doge Coin is limited. The maximum supply of Baby Doge Coin is 420 quadrillion. At the moment, the market cap of Baby Doge Coin is $644 million, and for comparison, the market cap of Dogecoin is $18 billion. The current price of the altcoin is $0.000000004389.
What is Baby Doge Coin Used for?
The creators of Baby Doge Coin emphasize its playfulness, noting that the cryptocurrency is meant to work as an improvement of Dogecoin. The coin is primarily meant to be used as an investment, and people are incentivized to hold it and earn interest on their coins. As a holder of the cryptocurrency, you will get part of the 5% fee charged for every transaction made on the network. An additional 5% fee will be charged for the transactions, and this will be held by the network for liquidity. It is worth noting that the Baby Doge Coin project supports homeless pets.
One of the key benefits of Baby Doge Coin is that it is pre-mined and has a fixed supply. As noted earlier, the total supply is a whopping 420 quadrillion, and this is part of the reason for the extremely low price of the altcoin. The logic being applied here is that more people will be incentivized to hold the currency at its current price. As a hyper-deflationary cryptocurrency, the project reduces the supply of Baby Doge Coins through coin burning, liquidity pair acquisition, and reflection. Over time, the demand should drive up the price of the cryptocurrency.
Who Created Baby Doge Coin?
Baby Doge Coin was created by an anonymous group of crypto enthusiasts, and it was developed using the Binance Smart Chain. Since its inception, the project has been able to attract a massive online community. More than 1,330,000 people now hold the cryptocurrency, and close to 860,000 people follow the account on Twitter. While this is a large number of users, the cryptocurrency is not listed on Binance or any other crypto exchange. The only notable crypto exchange that allows investors to buy and sell the altcoin is Okex.
Is Baby Doge Coin the Same as Shiba Inu?
Shiba Inu is similar to Baby Doge Coin in many ways, but they are still different projects. One of the obvious similarities is the fact that they use dog-based icons and ideas. Also, they both help to rescue real animals. It is worth noting that Shiba Inu was created in 2020 and currently has a market cap of nearly $12 billion.
Conclusion
Baby Doge Coin is an improvement over Dogecoin, the meme cryptocurrency. Its founders are anonymous and used the Binance Smart Chain system to develop the cryptocurrency. This altcoin is hyper-deflationary, and this means its supply decreases over time. This system is meant to encourage early adopters to purchase the coin at its current price, and they can profit from the increased demand and reduced supply later on. As a holder of the cryptocurrency, you will be able to earn interest whenever an individual makes a transaction on the blockchain.
Sources:
• https://www.sofi.com/learn/content/what-is-baby-doge-coin/
• https://coinmarketcap.com/currencies/baby-doge-coin/
• https://www.coinbase.com/how-to-buy/baby-doge-coin
• https://www.gfinityesports.com/cryptocurrency/baby-dogecoin-binance-listing/
• https://coinmarketcap.com/currencies/dogecoin/
• https://finance.yahoo.com/news/comparing-dogecoin-baby-doge-shiba-140005523.html
