A new DogeCoin fork, Baby Doge Coin, has been announced. Doge’s hyper-deflationary pup, Baby Doge, is trying to make a name for itself as the new dog in town. With a tokenomic system similar to SafeMoon, 5% of every transaction is reallocated to token holders.
It should come as no surprise that Baby Dogecoin is causing such a stir in the crypto community. It went on sale on June 1st and saw a 1,000% increase in price in the first two weeks. With a market cap of $200 million during the third week, there have been 160,000 users who had purchased the coin.
Baby Doge Coin, while resembling its father, stands out due to its incredibly low transaction costs, which are less than one penny. The online Dogecoin community-produced Baby Dogecoin, a cryptocurrency asset, that aims to impress his father with “his new, increased transaction speeds and adorableness,” as stated on the website.
Baby Doge Coin is different from Bitcoin in that it has a much larger quantity. At the time of the debut, there were more than 420 quadrillion Baby Doge Coins. The total number of Bitcoins in circulation is limited to 21 million.
Baby Doge Coin’s market capitalization and token supply have been verified by CoinGecko. Token price increased by almost 35% in a single day after Binance Smart Chain’s (BSC) favorite dog coin was listed on the exchange on October 13. It’s possible that Baby Doge Coin is profiting from a recent surge in Shiba Inu popularity, which has spurred a general dog coin popularity.
A mini-Coinbase Effect was created as a result of the price spike upon listing verification, a term used to describe the boost tokens experience as a result of being listed on an exchange. CoinGecko continues to be a top-name exchange for BSC tokens and coins since they represent an acknowledgment of cryptocurrencies.
These types of actions will go a long way toward establishing Baby Doge Coin’s visibility across the BSC network. Even while the coin has done well to establish itself through giveaways and partnerships, it hasn’t done much to prove its practicality. Many are looking forward to the new features that were introduced last month and will hopefully bring with them more applications.
Baby Dogecoin’s ambitions include getting listed on multiple well-known cryptocurrency exchanges, developing an app to manage awards, and creating a market for non-fungible tokens (or “NFTs”), according to the Baby Doge whitepaper.