After Dogecoin, the cryptocurrency community is all hyped up with the Baby Doge token. The new born cryptocurrency is inspired from the historical meme cryptocurrency, Dogecoin which became infamous this year. Although, a short time ago Baby Doge was almost unknown to the community but currently #babydoge is trending on Twitter. The Doge spin-off’s growth could be once again attributed to the CEO of SpaceX and Tesla, Elon Musk. Baby Doge has a symbol of the Shiba Inu dog, similar to that of Dogecoin. Baby doge was only launched a month ago and according to its official website official website, Baby Doge is created by the fans and members of the Dogecoin online community.
Baby Doge’s Value Appreciated as Soon as Elon Musk Tweeted About it
The price of the new token once again appreciated soon after Musk madeMusk, made a hilarious tweet hilarious tweet on it. He announced Baby Doge to his Twitter membersmember with the lyrics of the famous song ‘Baby Shark.’ Before, the tweet wastweet the token was trading at $0.000000000086. However, soon after Musk’s tweet, the token’s price skyrocketed to $0.00000000021. Musk’s influence on the crypto community is nothing new to be discussed. Previously, Dogecoin’s price also fluctuatedfluctuate with what Musk had to tweet or say about it. For the same reason, the crypto community is dismayed with him.
10% Transaction Fees is Levied Everytime you Trade Baby Doge
Baby Doge is available on the Binance Smart Chain. Similar to Dogecoin it has no technical merit or real life application, however people are still investing on it because they find it cute. Experts say that investors who are putting money on Baby Doge because of its technological aspect, will definitely incur losses. However, from a slightly different perspective Baby Doge may be a good investment. This is because this token charges transaction fees in order to incentivise investments. A transaction fee of 10% is levied everytime Baby Doge is traded. And 5% will5% of will be reimbursed to every Baby Doge investor and the remaining 5% gets split to be used for a liquidity pool with Binance Coin on PancakeSwap.
Simply put if an investor will incur a 10% loss, everytime he sells Baby Doge. However, if he holds it for a long time, they will be definitely incentivised. More importantly, Baby Doge happens to have a very large supply but the price of each token is very minimal. Over the past few weeks, Baby Doge has appreciated by 1000%. According Baby Doge’s white paper, it aims to get listed on different cryptocurrency exchanges, launch a decentralized crypto swap called ‘Baby Doge Swap’, offer credit card crypto payments, create a wallet to track rewards and lastly to start its very own NFT marketplace.
