Baby Dogecoin (BabyDoge): What It Is, What It’s Worth and Whether You Should Invest
It does not come as a surprise to anyone that Baby Dogecoin is creating so much hype. It was launched on June 1 and saw a 1,000% price spike within just two weeks of that date. By the third week, it had a market cap of a whopping $200 million, and in the fourth week, there were 160,000 holders of the coin.
Seeing its speedy rise to the surface, it’s evident that buyers are taking an interest in Baby Dogecoin. But is it worth the investment? Should you stay away from this momentary fad, or is Baby Dogecoin here for the long haul? Find out below.
What Is Baby Doge Coin?
Baby Dogecoin is a crypto asset created by the online Dogecoin community. According to its website, “Baby Doge seeks to impress his father by showing his new, improved transaction speeds and adorableness.”
Being a deflationary token, Baby Dogecoin has been designed to get scarce with time.
Take it from the coin’s white paper — cleverly titled the Woof Paper: “Hyper-deflationary with the static reflection that rewards holders, so more baby doge coins are being automatically added to your wallet each transaction.”
Baby Doge Coin Advantages Over Other Cryptocurrencies
While it may be somewhat similar to its father, Baby Doge Coin outshines its parent with extremely low transaction fees: less than one U.S. penny.
One major difference between Baby Doge Coin and Bitcoin is the abundant supply. There were over 420 quadrillion Baby Doge Coins at launch. On the other hand, the max supply of Bitcoin is 21 million.
Why Did It Spike?
Baby Dogecoin spiked for the same reason as its father: Elon Musk. The Tesla CEO posted a tweet, hinting at the token.
“Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”
As a result of this tweet, buyers did precisely what they had done earlier in the year with DogeCoin — they started buying.
In just 24 hours, the aftermath of the tweet presented itself as a 228.3% spike in the price of Baby Dogecoin.
What Is Baby Doge Coin Worth?
As of Sep. 22, 2021, one Baby Doge Coin is worth $0.000000000669 with a trading volume of $4,127,700 and a market rank of #2814.
As evident, the price is not very promising since it is just a tiny fraction of a single penny. However, investors aim to hoard the coins and reap the rewards if and when it reaches a dollar.
Should You Invest?
According to the Baby Dogecoin whitepaper, the plans for the crypto include getting listed on several renowned cryptocurrency exchanges, creating a wallet to track rewards and forming a marketplace for NFTs, or non-fungible tokens.
While these plans are certainly impressive, where does that leave your investment?
Irrespective of all the hype it is getting, Baby Dogecoin is a meme coin that jokes in its road map about starting a religion and carving Baby Doge on a mountain.
What To Consider as an Investor
Any wise investor would have a hard time taking this coin seriously. Also, it’s pretty visible that the developers have named it Baby Doge Coin to leverage the popularity of Dogecoin.
You can’t depend on tweets and hype trains to make your investment moves. With that in mind, it’s best to stay wary of Dogecoin’s new offspring.
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- Bitcoin. 2021. "Elon Musk Tweet Sends New Baby Doge Coin Soaring — Meme Token’s Daily Gains Jump 228%."
- CoinMarketCap. "Baby Doge Coin Price (BabyDoge)."