Is Baby Dogecoin worth buying, or it has a short life?
Baby Doge is the meme Cryptocurrency, also called Dogecoin. Baby Doge was an unknown cryptocurrency two weeks ago, but now #babydoge is swinging on Twitter after Elon Musk. This coin has a symbol of the Shiba Inu dog on the tokens. This trend picked up the drive, with Shiba Inu used on its cryptocurrency while Baby Doge using the same symbol.
Baby Doge is just a month-old cryptocurrency that has a message on its website saying all the credits go to members and fans of the Dogecoin online community to participate in its development. Baby Doge operates on the integrated intelligent staking operation. This means that users can add more coins to their wallets with each transaction. Compared to Shiba Inu coins and Dogecoin, Baby Doge improved their transaction speeds, with a market cap of around US$0.3 billion, which may not seem as massive as Dogecoin, Ethereum, or Bitcoin. Still, it is an excellent deal for a new cryptocurrency.
Is Baby Doge a Solid Investment?
Considering the hype, Baby Doge seems like a worthy candidate. Baby Doge incentivizes investments by imposing a transaction fee. If the users sell Baby DogeCoin, they lose 10% while getting rewards for holding it.
Users should keep in mind the fact that Baby Doge has a low price and an ample supply. The price is a small portion of a cent, but it increased up to 1000% in the past weeks. According to this cryptocurrency’s whitepaper, Baby Doge aims to Launch a decentralized crypto swap called Baby Doge Swap. It also wants to get listed on cryptocurrency exchanges and start an NFT marketplace.
Considering these aims and some other ridiculous examples like giving away a Tesla when its market cap reaches US$250 million, it’s okay to avoid investing in Baby Doge as it seems like a short-term success.
According to a Twitter account operated by the coin’s creators, over 200,000 people bought baby doge in the first month. According to CoinGecko, people who bought baby doge on the first day reaped returns of nearly 500 percent.
However, on Thursday, the new crypto coin also pulled its shares of skeptics, with one branding it as a pyramid scheme on the way its transactions appropriate fees to early investors.
Logan Ross wrote on Benzinga that the only way to make money on a token similar to this is to buy it before Elon Musk manages to tweet about it.
Unlike Dogecoin, the supply of baby doge seems limited
Creators of baby dogecoin say their coin is deflationary. At the same time, nobody set a limit on how many dogecoins could be created through mining.
On Thursday, creators said they might deliver three quadrillion baby doge coins, which might drive up its price by reducing supply. Still, a single Baby Dogecoin is worth just $US0.000000001624.
Where can people buy baby Dogecoin?
Mainstream crypto trading sites such as WeBull and CoinBase offer dogecoin, while they do not allow their users to buy baby doge.
However, several interested crypto traders might purchase baby doge through Binance, which could not operate in Britain this week because of a ban.
Another cryptocurrency was also declared to be dogecoin’s successor, which is Shiba inu coin. It also pays homage to dogecoin and features a dog mascot. About 550,000 people have purchased it since it launched in August 2020. According to CoinGecko, it is considered the 26th largest coin by market capitalization.
According to Elon Musk’s tweets, Shiba inu coin is subject to wild fluctuations.
In June, when Musk tweeted that his Shiba Inu would be named after Floki, Shiba Inu coin’s price increased about 10 percent.