Recently, Elon Musk has tweeted on a Dogecoin spinoff known as Baby Doge, a new cryptocurrency in the global market. The announcement was accurate as Elon Musk is popularly called Dogefather and a spinoff of a meme cryptocurrency. Baby Doge is still an inconsequential cryptocurrency. Indeed, the cryptocurrency market can do wonders! As expected in the cryptocurrency market, a hilarious tweet from the craziest entrepreneur/ crypto-influencer has surged up the price of Baby Doge by almost 98% within a short period of time. Elon Musk announced the new cryptocurrency with lyrics from one of the most viral songs— Baby Shark. He tweeted, “Baby Doge, doo, doo, doo, doo, doo.” The price of the new cryptocurrency was Rs.0.000000063612 on July 1 and after the tweet, it hit Rs.0.000000155717. Since Elon Musk has a complicated relationship with cryptocurrencies, investors may or may not be into Baby Doge so soon.
What is Baby Doge?
Baby Doge, debuted in June 2021 as a Dogecoin spinoff in the cryptocurrency market. This new cryptocurrency has also learned a few tricks from its meme father, Doge. It is hyper-deflationary with an integrated smart staking system built in to reward potential investors. This will lead to add more Baby Doge cryptocurrency coins automatically to digital wallets with enhanced transaction speed. The Baby Doge investors will receive a 5% fee from each transaction in the Baby Doge network. Around 5% of the redistribution 29% will be distributed to the dead wallet. The majority of LP tokens are locked and some are burnt to always keep LP in the network. The current age of Baby Doge is 22 days with a market cap of US$0.2 billion and the volume for 24hours is US$5.1 billion, up by 9.38%. It is still not listed in any major coin index for open trading.
Baby Doge, is a token on Binance Smart Chain without any real-life use case and advantages over more than 100 known cryptocurrencies. The price surged up because of its baby cuteness and not for any technology underneath. Investors are claiming that anyone will incur a massive loss if the person considers investing in Baby Doge for the technology. It is a sort of pyramid scheme as a frictionless yield farming protocol. There is no disclosure of the team who made the new cryptocurrency as well as published the website. There are certain lies on the website such as the speed of Baby Doge is faster than Shiba Inu. Shiba Inu runs on the Ethereum blockchain for under 15 seconds while Baby Doge claimed that it takes 10 to 15 days to run.
Despite all the criticism, Baby Doge is focused on charity. It has decided to donate to Paws with a Cause to help sheltered dogs.