We take a deep dive into Baby Doge Coin, another addition to the ever-growing list of memecoins that aim to impress the original Dogecoin with their transaction speeds and cuteness.
Baby Doge Coin (BABYDOGE) is a hyper-deflationary token that claims to be an “improved’ form of the more famous Dogecoin, as it will become more scarce over time, with the goal of increasing transaction speeds.
This project is a lighthearted memecoin; however, it claims to have a big mission of rescuing dogs in need and driving cryptocurrency acceptance into the mainstream.
How Does Baby Doge Coin (BABYDOGE) Work?
Baby Doge is one of the cryptocurrencies that charges a transaction fee to encourage investment. It awards its users by adding Baby Doge Coins to their wallets after each transaction. 5% of each transaction is automatically allocated to Baby Doge holders, and by merely holding Baby Doge coins in your wallet, you will earn additional Baby Doge which will be immediately transferred to your wallet.
To explain further — every time you exchange Baby Doge Coin, you will be charged a 10% fee. 5%of it is allocated proportionally to each Baby Doge investor, and the remaining 5%is split to be utilized in a liquidity pool with Binance Coin on PancakeSwap. Essentially, if you sell Baby DogeCoin, you will lose 10% of your investment, but if you keep it, you will be rewarded.
The Team Behind Baby Doge Coin (BABYDOGE)
BabyDoge's inventors and primary staff remain unknown, as is the case with numerous meme cryptocurrencies. However, the social media team is very active and the marketing of Baby Doge Coin is of a relatively high quality when compared to the many other tokens in the crypto world.
Baby Doge Coin (BABYDOGE) Roadmap
While the coin is still in its early stages, its roadmap has six phases in its roadmap. For starters, the community-based currency is following its plan by contributing $100,000 to help support dog charities.
Baby Doge is already at the last stage of its plan, which includes $250,000 in charitable gifts. In light of this, the BSC-based protocol announced a collaboration with Best Friends Animal Society to cover the $100,000 gift.
Things grow a lot more ambitious for the coin in the last phase, which includes the community carving a Baby Doge into a mountain when the coin has a market cap of $100 billion and establishing a Baby Doge religion when it hits a market cap of $500 billion.
Fact: Only a few cryptocurrencies have ever reached a $100 billion market cap, and only Bitcoin has surpassed a $500 billion market cap.
Unique Features of Baby Doge Coin (BABYDOGE)
Low Transaction Fees
While it is comparable to its father, Baby Doge Coin outperforms DOGE specifically by having incredibly cheap transaction fees of less than one US cent.
Abundant Supply
At its debut, there were over 420 quadrillion Baby Doge Coins, indicating an ample supply.
Incentives for Traders
Another distinguishing element of Baby Doge is its 10% transaction charge. Traders must contribute a percentage of their cryptocurrency to redistribution and the liquidity pool. The method heavily incentivizes traders to keep their currencies.
The 10% is an incentive to keep Baby Doge Coin. If you sell your coins, you will be charged 10%; however, if you retain then, you will be paid a percentage of the charge whenever someone else sells it.
Baby Doge Debit Card
Another option for using Baby Doge Coin is their recently announced debit card, which allows you to load fiat funds via bank transfer. The card would permit you to buy and send cryptocurrency and also give you the liberty to trade cryptocurrency for fiat money.
Baby Doge Coin (BABYDOGE) Tokenomics
Baby Doge has a market worth of more than $200 million and a total supply of 420 quadrillion tokens. With over 100,000 Baby Doge holders, the circulation supply of this cryptocurrency is 295 quadrillion.
Baby Doge Coin (BABYDOGE) Price
Baby Doge Coin (BABYDOGE) is now trading at around $0.000000003155, as of Nov. 9, 2021. Its 24-hour trading volume on exchanges is around $17,821,040.43.
Baby Doge Coin (BABYDOGE) Price Prediction and Future Outlook
Baby Doge Coin has swiftly gained admirers and new purchasers since its June 1, 2021 introduction. Two weeks after launch, the price increased by more than 1,000%. By the third week, it had a market worth of $200 million, and by the fourth week, there were 160,000 coin holders.
This huge trend in popularity has led some crypto analysts to suggest that Baby Doge Coin can propel past its father, the Dogecoin in the time to come.
However, this is most likely only possible if Dogecoin ships ahead of the ever-growing list of meme-tokens that are surfacing in the crypto world. Yes, Elon Musk is behind Dogecoin which is a huge, huge, advantage for the dog-meme token. However, other meme coins with huge communities like Shiba Inu, Safemoon and many others are tough competition.
According to crypto analysts, if Dogecoin breaks the one dollar mark, anything related to Dogecoin (which includes the Baby Doge Coin as well) could experience a huge surge. As for the price of Baby Doge Coin, the current market suggests that 1 cent is possible (as far as anything is possible in crypto), but most likely a far-fetched dream, especially since Dogecoin is only hovering in the $0.2 range.
Buyers are clearly interested in Baby Dogecoin, based on its rapid price increase over the past few months. It’s built-in scarcity over time (making it a deflationary token), is the only reason that a path to 1 cent could be possible.
As is obvious, the current price is not particularly appealing because it is only a fraction of a penny. Memecoin investors, on the other hand, have an incentive to hodl the coin and hope for a future when it could hit the 1 cent mark.
BabyDoge was created by utilizing the Binance Smart Chain to create an Ethereum-compatible environment, taking advantage of BSC's lightning-fast swaps and minimal costs. Major investors like to put their money in stable projects and the crypto projects that are hosted on the Binance Smart Chain (BSC) usually attract a lot of attention from crypto investors.
Last but not least, it should be noted that the cryptocurrency market is unpredictable, and Baby Doge may be only riding another wave of this current bull run. However, volatility in the crypto world is inevitable — so, invest wisely only after DYOR.
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