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7 Things You Should Know Before Buying Baby Doge Coin

Baby Doge Coin
Baby Doge Coin

7 Things to Know Before You Buy Baby Doge Coin

From how you can buy it to whether you should, here's everything potential buyers need to know about baby doge coin.

Things are moving fast in the world of cryptocurrencies. It wasn't long ago that dogecoin was the most popular crypto of 2021. Now, it's pretty much old news, and there's a baby doge coin that is getting a lot of hype.

Baby doge coin had great initial success, as its price increased by more than 1,000% in about two weeks. But the next day, he had lost almost half of that value.

Since baby doge coin is so new and getting quite a bit of attention, this may seem like the right time to buy. But before you do, there is a lot you need to know about it.

Also Read - What Are NFTs and How Can Buy Them in India?

  1. Baby Doge Coin Is Only a Few Weeks Old
  2. It Started with 420 Billion Tokens.
  3. Each Transaction Has a 10% Fee.
  4. Part of Its Mission Is Rescuing Dogs
  5. It's Available on Pancakeswap, but Not on the Major Crypto Exchanges
  6. the Roadmap Includes Several Unique Objectives
  7. Buying It Is a Gamble and There Is a Good Chance of Losing Money.

Baby Doge Coin Is Only a Few Weeks Old

True to the name, this crypto is still a baby at the moment. It was created on june 1, 2021. The first recorded price was not until june 9, when it cost $ 0.000000000175. That skyrocketed quickly thanks to social media and influencer marketing, but then it went down again.

Buying such a young cryptocurrency is a risky proposition. Baby doge coin doesn't have much of a track record, and the reality is that most cryptocurrencies don't make it.

It Started with 420 Billion Tokens.

The total supply of baby doge coin was 420 billion tokens, and the team behind it has manually burned (destroyed) more than 125 billion so far. Manual burns mean the baby doge coin team is in full control of when and how many tokens are burned.

A large number of coins priced at a fraction of a cent are common with the new cryptocurrencies. However, baby doge coin is an extreme example.

Each Transaction Has a 10% Fee.

On every baby doge coin transaction, the seller pays 10%. Here's where that goes:

  • The 5% is redistributed to everyone who currently has baby doge coin.
  • The 5% is divided 50/50, leaving half as baby doge coin and the other half as binance coin. These are used for a liquidity pool so that people can exchange those two currencies with each other.

The 10% fee is an incentive to keep baby doge coin. If you sell yours, they charge you 10%. If you keep it, you are rewarded with a portion of the fee each time someone else sells. Baby doge coin did not invent this idea. Safemoon, which launched in march, has the same type of rate.

Part of Its Mission Is Rescuing Dogs

One of the goals listed in the baby doge coin whitepaper is rescuing dogs in need. It also says that the team has a charity wallet with 2.2% of the total baby doge coin supply. Since 5% of the transaction fee with this crypto is redistributed to existing holders, the charity wallet receives 2.2% of that.

The charity wallet is used to support baby doge coin charity partners. On june 24, the crypto's twitter account announced a $ 75,000 donation to pawswithcause, a nonprofit that uses community painting days to bring more attention to animals in local shelters. 

It's Available on Pancakeswap, but Not on the Major Crypto Exchanges

For anyone who wants to get baby doge coin, pancakeswap is the recommended platform. Pancakeswap is one of the largest decentralized exchanges (sites where users contribute and exchange crypto).

To use pancakeswap, you need to connect a crypto wallet. Then you can trade another crypto, such as binance coin, for baby doge coin. There is a small learning curve, but it is not too difficult once you get the hang of it.

However, it is worth noting that baby doge coin is not listed on any of the best cryptocurrency exchanges. Being on the list is a long shot, given that it is a memecoin with a low trading volume.

The Roadmap Includes Several Unique Objectives

Baby doge coin has a six phase roadmap. The first phases are pretty normal, with goals like reaching 25,000 headlines and completing a website redesign.

The final phase is where things get much more ambitious. It includes the community carving a baby doge out of a mountain with a $ 100 billion market capitalization and creating a baby doge religion with a $ 500 billion market capitalization.

Only a handful of cryptocurrencies have exceeded a market capitalization of $ 100 billion, and only bitcoin has exceeded $ 500 billion. We will most likely never see mount baby doge or the baby doge church.

Buying It Is a Gamble and There Is a Good Chance of Losing Money.

Baby doge coin started out strong, but it's hard to see any value in it as a long-term investment. Memecoins like this, with no notable future plans or advantages over the competition, cost a penny a dozen.

They depend on marketing to generate publicity and drive up the price. The team behind them and the early investors make money, while everyone who is too late loses.

Anything can happen to cryptocurrencies. There is always the slim chance that baby doge coin has another hot streak and breaks its all-time high. But people are more likely to forget it and move on to the next memecoin with a fun name.

Buy and Sell Cryptocurrencies on an Exchange Chosen by Experts

There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. And to find the one that's right for you, you'll need to decide which features are the most important to you.

If you want to know where to buy Baby Doge Coin, the main exchanges to trade Baby Doge Coin are currently XT.COM, PancakeSwap (V2) and DODO BSC.

BabyDoge Price Live Data

The live Baby Doge Coin price today is $3.79e-9 USD with a 24-hour trading volume of $26,389,358 USD. Baby Doge Coin is up 62.61% in the last 24 hours. The current CoinMarketCap ranking is #2536, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.

CoinMarketCap, Data was taken on 4 July 2021

Disclaimer
The information on this website is not intended to be financial, business, investment or other advice, and you should not consider the content of the website as such. crypto.onlinenews.live does not recommend that you buy, sell or hold any cryptocurrency.

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