Is Baby Dogecoin Cryptocurrency Worth The Hype?

By October 14, 2021March 29th, 20226 minute read
Is baby dogecoin cryptocurrency worth the hype_WazirX

Baby Dogecoin is a ‘new baby’ on the cryptocurrency bourse birthed from the wedlock of the famous Dogecoin and its fans and members of the community. Hilarious? Probably. But that’s how we would like to summarize the birth of a coin from a coin that was born off a meme! 

Dogecoin, which started its cryptocurrency journey back in 2013, had risen up the popularity charts early this year. The value of Dogecoin was multiplied several folds after Tesla’s CEO endorsed the meme coin on Twitter. The value of Dogecoin stands at $0.26 as of 13th August 2021. Cryptocurrency markets change quickly.  And soon Dogecoin’s ascent was a piece of old news. 

Baby Doge, represented by the Shiba Inu Dog staring endearingly at you, started getting loads of hype, particularly, after Musk tweeted a random tweet containing the lyrics of the song ‘Baby Shark’ substituted with the chant of ‘baby doge, doo, doo…” Its objective hilariously reads: 

“The objective is to impress my father by demonstrating my new increased transaction speed and cuteness.”

Get WazirX News First

The coin is just two months old and gaining considerable traction from the crypto community. You, as investors, must be highly inquisitive about the coin and wondering how to invest in Baby Dogecoin. Here we present to you Baby Doge’s Biography to date to help you rationally decide your course to buy baby Dogecoin.

The 1-2-3-4 Tokenomics of Baby Dogecoin

  • Baby Dogecoin was developed by the fans and members of the Dogecoin online community on June 1, 2021, as a yield farming token, based on an integrated smart staking system, with increased transaction speed. This simply means the more you transact in and hold Baby Doge, the more returns get added to your wallet. Besides the name, it has no more similarity to its father, Dogecoin. It is more similar to Shiba Inu, each having a limited token supply and staking benefits, with the coin adding no core utility to any specific use case. 
  • After the launch, Baby Dogecoin’s prices went up pretty quickly after it found fans and new buyers quickly. However, the earliest price wasn’t recorded until June 9 when it cost $0.000000000175. 
  •  In the next 2 weeks, its price rose by over 1000%. The next day, it had lost 50% of its value!
  • In 3 weeks, its market cap touched $200 million. 
  • And it crossed 160,000 holders in 4 weeks. 
  • The current Baby Dogecoin price stands at $0.000000001661 with a 24-hour trading volume of $12,005,300. With a  market cap of $45,763,836, it currently stands at the 2615th position as per Coinmarketcap.
  • Since its launch on June 1, 2021, BabyDoge has amassed a community of 250,000 holders, 85,000 Telegram members, 85,000 Twitter followers, and 45,000 Instagram followers.

How does Baby Doge Work?

Baby Dogecoin has a total supply of 420 quadrillion tokens. The team has already undertaken manual burning of over 125 quadrillion tokens so far. Only the Dogecoin team has complete control over how much supply gets burned each time. The centralized decision-making is a risky proposition when it comes to investment, with a negligible track record to rely on.

Baby Doge incentivizes holding while charging a transaction fee when the crypto is traded. Every time a Baby Doge is sold, the seller pays a commission of 10%, of which:

  • 5% is redistributed to everyone who currently holds Baby Dogecoin.
  • The other 5% is split in half, one half remains as Baby Dogecoin, and the other half is traded for Binance Coin. This helps in maintaining the liquidity pool so that people can trade the two coins for each other. 

You lose 10% every time you sell your holdings and get rewarded with a portion of the transaction fee in case you hold on to your Baby Doge. Many coins such as Safemoon and Bonfire in the past have done exactly the same thing. Post an initial success, these coins suffered huge price drops. 

Baby Doge’s Six-stage Roadmap and Ultimate Mission 

Baby Doge has a well-laid out six-phase roadmap unique in several aspects. The first few phases, thankfully, are like any other cryptocurrency’s roadmap with set goals such as reaching a target of 25,000 holders and ensuring the completion of a website redesign. Starting a marketplace for NFTs, getting listed on major cryptocurrency exchanges, launching its decentralized crypto swap, Baby Doge Swap. Thankfully, the first few phases and creating a wallet for the holders to keep track of their rewards are some of the serious goals listed in its whitepaper. 

The final phase gets ludicrously ambitious and, at places, absurd: 

  • ‘Add way more memes.’ 
  • The community aims to carve a Baby Doge into a mountain once its market cap reaches the $100 billion mark. 
  • Give a Tesla as a giveaway when the coin reaches a $250 million market cap. 
  • And next, the creation of a Baby Doge religion at a market cap of $500 billion!

No, you are not going to see a baby Doge face in any mountain or chant hymns in the name of Baby Doge ever. Only a few currencies have been ever successful in reaching the $100 billion market cap. Bitcoin is the only currency that has passed $500 billion in terms of market capitalization. 

The roadmap plus the empty idea behind the launch of Baby Doge often makes analysts call it a pyramid fraud disguised as a technology investment. 

However, the silver lining lies in the charity initiatives taken by the coin’s community. One of its goals includes rescuing dogs in need. The whitepaper states that the team has constituted a charity wallet with 2.2% of Baby Doge’s total supply going into it. The 5% proceeds from the transaction fees are redistributed among the baby doge holders, as such, the charity wallet receives 2.2% of this commission. 

The funds from the charity wallet are used for supporting Baby Doge’s charity partner. On June 24, the cryptocurrency’s Twitter account announced that $75,000 was donated to an NGO PawsWithCause, an organization that uses community paint days to bring greater attention to the animals in the local shelters.     

Should you buy Baby Doge? 

The hype around the meme coin might lure you into investing in the coin. But there are many repercussions of investing in a coin with so many red flags. First of all, the coin isn’t listed on any of the major crypto exchanges, given its low trading volume and the status of a meme coin. 

As a long-term. This organization investment hardly holds any value. There is no responsible roadmap or robust goal plan for such meme coins. Most of the time, the coins rely on marketing to push up the price and gain popularity. In that case, it is only the team members of the earliest investors that gain from the coin. Those arriving late bear the losses. People might move over to the next coin with a queer name or logic behind it and soon forget about it. While it may be possible that the coin reaches an all-time high and shatters all records.  

For a cryptocurrency to attain wide scale adoption, it is necessary that it adds value and has a practical end-use. This is apparent in the coins with viable use cases gaining the maximum traction and market share. Coins such as Baby Doge that rely on tweets and their fanbase to grow ultimately lose steam. It doesn’t matter how small the market cap of a cryptocurrency is. For instance, Chia is a small cryptocurrency, but it has an appealing use case in providing proof of space and time to utilize cloud storage solutions. The growth prospects of such currencies are higher due to their relevance.   

The crypto community is divided when it comes to Baby Doge as a viable investment option. Some consider its staking capabilities worth investing in, while others consider it a Ponzi scheme to get rich. We wonder whether Father Doge would be proud of his son’s achievement or not. But no one can foresee Baby Doge’s future, added to the unpredictable nature of the cryptocurrency market. 

Baby Dogecoin can be accessed via the PancakeSwap platform, the only name worth mentioning where the users contribute to trade crypto. You need to connect a crypto wallet first and then trade another crypto, such as Binance Coin for Baby Doge.

Further Reading:

Is Shiba Inu a DogeCoin Killer or a Shit Coin?

What is Dogecoin? How to buy Dogecoin in India?

What is the reason behind the popularity of Dogecoin?

Dogecoin Price Prediction 2021 : How much is it worth in 2021?

Can I Invest In Cryptocurrency?

Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.

What Is The Safest Cryptocurrency To Invest In?

Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.

Is Cryptocurrency Safe To Invest In?

Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.

What Are The Best Cryptocurrencies To Invest In?

The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.

Is Mining Cryptocurrency Legal?

Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.

Is Ethereum Safe To Invest?

The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.

How To Invest In Cryptocurrency Stocks?

Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.

How Safe Are Cryptocurrencies?

Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.

Is Bitcoin And Cryptocurrency The Same Thing?

Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.

Are Cryptocurrencies A Good Investment?

Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.

Who Invented Cryptocurrency?

Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.

Are Cryptocurrencies Legal In India?

In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.

Is Pi Cryptocurrency Safe?

Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.

What Is Virtual Currency?

Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.

What Is The Meaning Of Crypto?

A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.

Which Cryptocurrency Is Best To Invest Now?

Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.

Which Cryptocurrency Is Best To Invest In 2021?

Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.

Is Cryptocurrency Banned In India?

No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.

What Is Crypto?

Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.

Is Crypto Legal In India?

Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India

How Many Cryptocurrencies Are There?

There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.

How To Invest In Cryptocurrency In India?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.

How Cryptocurrency Works?

Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.

How To Invest In Cryptocurrency?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.

Is Cryptocurrency Legal In India?

In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India

What Is Cryptocurrency?

A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
Participate in the Indian Crypto Movement. Share:

Leave a Reply

WazirX NewsLetter

SUBSCRIBE FOR THE WAZIRX NEWSLETTER TODAY!

What do you get?

● Blockchain & Crypto specific news, updates, tips, contest alerts and more.

● Insights about what is happening at WazirX.

● One email per week. No spamming - We promise!