‘Baby Dogecoin’: Is the Hype Worth-It
- Baby Dogecoin: 1-2-3-4 Tokenomics
- Working of Baby Dogecoin
- Six-stage Roadmap
- Should We Invest in Baby Dogecoin
Baby Dogecoin is the new cryptocurrency in the market, inspired by Dogecoin and developed by fans and members of this community.
Represented by Shiba Inu dog, Baby Dogecoin began getting high attention after a tweet from Tesla CEO Elon Musk, mentioning Baby Dogecoin in a song that he tweeted.
The coin is just a few months old and has accumulated a lot of attention from the crypto community.
Baby Dogecoin: 1-2-3-4 Tokenomics
On June 1, 2021, Baby Dogecoin was developed as a yield farming token. This token was developed with an increased transaction system and was based on an integrated smart staking system. Baby Dogecoin, apart from the name, has no similarity with its predecessor but is similar to Shiba Inu. Both Baby Dogecoin and Shiba Inu have a limited token supply and staking benefits.
Within a few days of its launch, the prices of Baby Dogecoin skyrocketed.
In the next two weeks, the prices of Baby Dogecoin rose by 1000%.
The market cap of Baby Dogecoin within three weeks of its launch touched $200 million.
In 4 weeks, Baby Dogecoin crossed 160,000 holders.
At the time of writing this blog, the price of Baby Dogecoin stands at $0.000000001569 and the market cap is $422,347,151. It currently holds 2936th position in the market.
Working of Baby Dogecoin
In Baby Dogecoin the holders are incentivized and a transaction fee is charged from the investor trading the coin. Every time an investor sells Baby Dogecoin, he has to pay a 10% fee.
5% of the fee received is distributed among the Baby Dogecoin holders.
The remaining 5% is divided into two half, one will be kept as Baby Dogecoin and the other half will be traded for Binance coin. This will ensure that a liquidity pool is maintained and people can trade one coin for another.
There is a well-planned six-phase roadmap for Baby Dogecoin. The first few phases are similar to all cryptocurrencies, in which targets of reaching 25,000 holders and completion of the redesign of the website are set. Getting enlisted on all major crypto exchanges, starting a marketplace for NFTs, Baby Dogecoin Swap, launching decentralized crypto swap, and creating a wallet for its holders to keep track of their rewards are some of the goals that were listed on the whitepaper of Baby Dogecoin.
It is the final phase of Baby Dogecoin that is very ambitious
- Add more memes.
- When the market cap of Baby Dogecoin reaches the $100 billion mark, the community aims to carve a Baby Doge into a mountain.
- When the coin reaches a market cap of $250 million, to give a Tesla as a giveaway.
- When the market cap reaches $500 billion, the creation of a Baby Doge religion.
Seeing the roadmap and empty ideas behind the launch of Baby Dogecoin, many investors believe it to be a pyramid of fraud. But because of the charity initiatives taken by the coin, some believe it to be legit. The charity initiative includes rescuing dogs in need, for which a charity wallet has been set up with 2.2% of the total Baby Dogecoin supply going to it.
Should We Invest in Baby Dogecoin
Investing in meme coins as a long-term investment is never a wise decision. Because of no practical usage, these coins rely heavily on promotions and marketing to push their prices. In such cases, it is the developers and the early investors who gain profit from such coins, investors arriving late only bear losses. These coins, in one second, could reach an all-time high price and shatter all records and in the next, they could fall to zero. For a coin to attain wide-scale adoption it is necessary that they have some practical use and add value.
In the case of Baby Dogecoin, the crypto community is divided into two groups; some believe it to be worth investing because of its staking ability, while others believe it to be a Ponzi scheme. Nothing about the future of Baby Dogecoin can be predicted at the moment.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo by – KNFind on Pixabay