Since the emergence of Bitcoin in 2009, there have been many other competing cryptocurrencies created, generally referred to as altcoins. These altcoins are differentiated from Bitcoin by their new or extra capabilities. Some examples include Ethereum with its smart contract ability, and Solana, which features a faster processing time.
One altcoin making the headlines is the Baby Doge Coin (BABYDOGE). Since its launch on Jun 1, 2021, the altcoin has undergone turbulent price swings, surging by approximately 2,800% after just one month. However, over the next few months, the price of Baby Doge Coin dropped back to its original price range. More recently (over the last quarter), its price has surged by 159%.
Why has the market suddenly renewed its interest in Baby Doge Coin? Will its popularity withstand the test of time — and should you invest in this variation of yet another canine crypto coin?
Stay till the end to learn how to earn more Baby Doge Coins with Bybit!
Key Takeaways:
- Baby Doge Coin was created by fans of the popular Dogecoin online community. It recently gained its attention once again, surging by 159% over the past few months.
- Bybit now offers the BABYDOGE/USDT Spot Trading pair. To celebrate this new listing, Bybit is also running two special events. Read more to find out how you can earn BABYDOGE tokens with Bybit.
What Is Baby Doge Coin (BABYDOGE)?
Baby Doge Coin is a cryptocurrency token created by fans of the popular Dogecoin online community. The name is probably an attempt to hitch a ride on the cult-like following of its parent, Dogecoin. But that’s where the similarity ends.
Baby Doge Coin is a BEP-20 token that was built on Binance Smart Chain. Benefits include higher efficiency and processing speed, which translates to lower transaction fees for users and completion of transactions within five seconds.
A smart staking system has also been designed to reward HODLers by increasing the amount of BABYDOGE in their wallet every time a Baby Doge Coin transaction is completed. More info regarding this system will be described in the Tokenomics section below.
With no real-world use, Baby Doge Coin’s appeal lies in its focus on charity. Its white paper states that Baby Doge seeks to fulfill the missions of rescuing dogs in need and bringing cryptocurrency to the average person.
Baby Doge Coin has stayed true to its mission, donating to many organizations that primarily help dogs in need, with donations exceeding $300,000. Some of the most prominent donations made include:
- North Shore Animal League America (received $150,000 in December 2021)
- Best Friends Animal Society (received $100,000 in August 2021)
Baby Doge Coin’s Tokenomics
420 quadrillion Baby Doge Coin were initially launched to the market. Out of this supply, 125 quadrillion Baby Doge Coin have been burned. The development team continues to burn BABYDOGE tokens monthly, managing the supply and potentially increasing the demand.
Baby Doge Coin has a smart staking system to incentivize Baby Doge holders to HODL for longer periods, which will help keep the Baby Doge network active. A 10% transaction fee is implemented when HODLers sell their Baby Doge Coin, half of which is redistributed to Baby Doge Coin holders in a process known as reflection. Since the token holders get a share of the fees charged for each transaction, they’ll be hedged even when the price of Baby Doge Coin falls.
The other 5% is used to provide liquidity on BNB Chain for trading, half of which remains as Baby Doge Coin while the other 2.5% is swapped to Binance Coin (BNB). These two tokens are then deposited to the BABYDOGE/BNB liquidity pool on PancakeSwap to provide liquidity for the trading pair. This allows more people to trade between Baby Doge Coin and Binance Coin.
How Did Baby Doge Coin Start?
Having launched on Jun 1, 2021, BABYDOGE rose to prominence when Elon Musk mentioned the “Baby Doge Coin” in a tweet. Less than a day later, the value of Baby Doge Coin leapt. Its tagline is, “If you like Doge, then you’ll love Baby Doge.” The token clearly hopes to piggyback off of Dogecoin’s popularity.
Baby Doge Coin vs. Dogecoin
Baby Doge Coin and Dogecoin are both cryptocurrencies which have had their fair share of fame among crypto enthusiasts. Dogecoin has enjoyed a much longer history (created in 2013), and more prominence as one of the top traded cryptocurrencies per market capitalization. Baby Doge Coin, on the other hand, seemed to take a nosedive after its initial foray into notoriety.
Let’s take a look at their differences.
As of Apr 11, 2023, Baby Doge Coin has a market cap of $379 million, while Dogecoin’s market cap stands at $11 billion, ranking it eighth in the cryptocurrency market. We can conclude that Dogecoin’s rise to fame hasn’t been a temporary one.
Given that Baby Doge Coin has a limited supply and undergoes monthly burning events, it’s considered to be hyper-deflationary. Dogecoin, on the other hand, has no limit to its token supply and is considered hyper-inflationary.
Baby Doge Coin Price Analysis
As of Apr 11, 2023, BABYDOGE price is reading at $0.000000002419. It’s up by 0.3% over the past 24 hours, with a trading volume of roughly $4.5 million.
We can see that over the past month, Baby Doge Coin has been picking up in terms of price action.
Where to Buy Baby Doge Coin
Keen on buying Baby Doge Coin? It‘s now listed on Bybit’s Spot Trading platform. Just sign up for a Bybit account and navigate to the BABYDOGE/USDT Spot Trading page to get started. But that’s not all. To celebrate this new listing, Bybit has launched two special events that will allow you to receive even more Baby Doge Coin.
Event 1: Deposit to Earn From a 20 Trillion BABYDOGE Prize Pool
Simply accumulate a net deposit volume of 40,000,000,000 BABYDOGE into your Bybit account from now till Apr 18, 2023, 8:00AM UTC to earn 10,000,000,000 BABYDOGE.
Please note that rewards will be distributed on a first-come, first-served basis to the first 2,000 users.
Event 2: Swap to Earn From a 12 Trillion BABYDOGE Prize Pool
From now till Apr 18, 2023, 8:00AM UTC, complete these three simple steps to earn an equal share of the prize pool.
Step 1: Buy at least 8,000,000,000 BABYDOGE on Spot.
Step 2: Transfer at least 8,000,000,000 BABYDOGE from Bybit Spot to any wallet connected to BabyDogeSwap via BSC.
Step 3: Fill in your Bybit UID and Bybit Wallet address here.
Is Baby Doge Coin a Good Investment?
Keep in mind that Baby Doge Coin was initially hyped by a tweet from Elon Musk. While tweets may not necessarily be enough to sustain a token’s value, a strong community forms the foundation for high-performing crypto.
To play it safe, invest only an amount you’re comfortable losing. In other words, an investment in Baby Doge Coin is likely high-risk, given the token’s volatility. The bull case would be that while Baby Doge Coin is still unestablished, it’s time to get on board and try to ride DOGECOIN’s coattails.
The Bottom Line
Baby Doge Coin is a token that’s relatively fresh to the crypto market. BABYDOGE holders may benefit from the recent attention, but the future of this coin is highly speculative. Before you make an investment, make sure you have a good understanding of Baby Doge Coin’s history as well as its pros and cons.
