What you should know about Elon Musk’s upcoming Dogecoin venture! How to buy Baby Doge?
Baby Doge is the heir to Dogecoin, which Elon Musk has anointed.
According to CoinGecko statistics, the month-old canine-themed cryptocurrency received a shout-out from the billionaire Tesla CEO on Twitter Thursday morning, prompting its price to more than double.
The Musk effect faded quickly after that. Baby Doge has plummeted nearly 22% from its peak as of midday Friday. However, since Musk’s article, Baby Doge’s trading volume has remained consistently high, showing the possibility of continued interest among crypto traders. So, other than the fact that it is named after Dogecoin, what makes Baby Doge unique?
Dogecoin’s newest ‘son’ is called Baby Doge. Baby Doge has a figurehead that looks like a younger version of its “father,” the Shiba Inu dog who is Dogecoin’s face. Its developers don’t appear to be linked with people who launched Dogecoin as a joke in 2013.
It began trading in early June after the initial Dogecoin craze had passed.
“Baby Doge is happy to run alongside his father and bring honesty and justice to the community,” according to the coin’s website, which also claims a market value of $200 million.
According to the coin’s developers’ Twitter account, more than 200,000 individuals bought Baby Doge in the first month it was available. According to CoinGecko, people who bought Baby Doge on the first day it was released made a 500 percent profit.
But the new cryptocurrency has its critics, with one calling it a “pyramid scam” on Thursday because of the way its transactions divide fees to early investors, shortchanging newcomers.
Logan Ross stated of Benzinga, “The only way to earn money on such a token is to get early — usually before Elon musk tweets it.
Unlike Dogecoin, the supply of Baby Doge is restricted. Although technically there is no limit to how many doge coins can be generated by crypto-mining, the designers of Baby Doge are saying their currency is “hyper deflationary,” which implies that the supply of the coin contracts instead of grows.
Thursday’s coin developers even claimed they will carry out a 3-quadrillion coin burn, driving up the Baby Doge’s price by limiting the number of baby coins. Nevertheless, only $0,0000000,0001623 is worth approximately one Baby Dogecoin.
What is the best place to buy Baby dogecoin?
Interested crypto traders may purchase Baby Doge through the best crypto exchange Binance.