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Buy Baby Doge Coin (BabyDoge): fees, forecast and price
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Table of Content
- Buy Baby Doge Coin (BabyDoge): fees, forecast and price
- Why buy the Baby Doge Coin?
- Buy Baby Doge – The most important in a nutshell
- What is Baby Doge?
- Baby Doge Coin facts at a glance
- How the Baby Doge Coin works
- The Tokenomics of Baby Doge
- Baby Doge's future plans
- Baby Doge vs. Shiba Inu vs. Dogecoin
- Prediction: Is the Baby Doge Coin a safe investment?
- How many Baby Doge Coins are in circulation?
- Pros and Cons of a Baby Doge Investment
Buy Baby Doge Coin (BabyDoge): fees, forecast and price
In spite of the fact that the Baby Doge Coin was released at the beginning of June 2021, it was an immediate success. Over 1000% of the price was increased in the first fifteen days. Following this, the price of Baby Doge declined dramatically, but thanks to a tweet from Elon Musk, the price has once again reached all-time highs.
Several people have jumped on the bandwagon and bought Baby Doge Coin in anticipation of the potential for large returns. The process is not easy, especially if you have not yet acquired smaller cryptocurrencies. Does Baby Doge offer an attractive investment opportunity? Read on for more information!
Why buy the Baby Doge Coin?
Before making any investment, it is important to ask why. What are the reasons for investing in Baby Doge Coin? How could the Baby Doge project be successful?
According to the Baby Doge Coin website, it has "learned a few tricks and lessons from its meme father Doge". Baba Doge is a new cryptocurrency created by fans of the online community Doge Coin. A special feature of the Baby Doge Coin is that it is hyperdeflationary and rewards its owners, as they automatically get more Babydoge Coins added to their wallets with every Baby Doge transaction. Baby Doge holders will receive 5% of each transaction.
Buy Baby Doge – The most important in a nutshell
- Baby Doge Coin is a new cryptocurrency that is only a few weeks old, and true to the coin's name, it is still a baby at this point. Baby Doge was created on June 1, 2021, but the first price was not recorded until June 9, 2021.
- Baby Doge started with 420 quadrillion tokens, and over 125 quadrillion tokens have been destroyed by Baby Doge's team. In a manual burn, the Baby Doge Coin team is in charge of when and how many tokens are burned.
- A fee of 10% is added to each transaction of Baby Doge, which is paid by the seller. In addition, 5% of these will be redistributed to all those who currently own Baby Doge Coin, and 5% will be split 50/50, with half remaining as Baby Doge Coin and the other half being traded against Binance Coin. In order to facilitate the exchange of these two coins, these are used to create a liquidity pool.
- One of Baby Doge's missions is to rescue dogs. Baby Doge coin's white paper mentions this objective. A charity exchange is said to hold 2.2% of the total supply of Baby Doge Coin. The Charity Wallet receives 2.2% of the transaction fee for this cryptocurrency, as 5% of it is redistributed to existing holders.
- Baby Doge is currently only available on PancakeSwap and not on major cryptocurrency exchanges. If you are interested in purchasing Baby Doge Coin, PancakeSwap is the recommended platform.
- The roadmap for Baby Doge includes several unique objectives. As one exbaby dogele, the community wishes to sculpt a Baby Doge image into a mountain and establish a Baby Doge religion with a market capitalization of $500 billion.
- There is a high probability of loss when purchasing Baby Doge, as it is a game of chance.
What is Baby Doge?
Shortly put, Baby Doge Coin is a cryptocurrency based upon another cryptocurrency created as a result of a meme. This cryptocurrency was created by fans and members of the Dogecoin community. Dogecoin, which exploded at the beginning of the year and made many people very wealthy, is a cryptocurrency that was launched in 2013 and is based on a popular meme, "doge". In addition to being newer, Baby Doge Coin is 10 times faster in terms of transaction processing times.
Other than the name, Baby Doge Coin has no connection with Dogecoin. The choice of a name was likely made solely to attract attention. Baby Doge Coin's mission includes helping dogs in need. Earlier this month, Baby Doge announced that it was donating $75,000 to a nonprofit organization called PawsWithCause.
Baby Doge Coin facts at a glance
- Baby Doge has a market cap of $155,147,110
- Baby Doge's fully diluted market cap is $241,877,343
- In total, a maximum of 420,000,000,000,000,000 Baby Doge tokens are to be created
- Currently, 268,383,459,889,719,070 Baby Doge tokens are circulating.
- Baby Doge has a 24-hour trading volume of $1,880,899.92
- Baby Doge Coin may offer an opportunity for very risk-averse traders to make big profits.
How the Baby Doge Coin works
A transaction fee is one of the incentives that Baby Doge Coin provides to encourage users to stick with it. A fee of 10% is charged for each trade of Baby Doge Coin, and must be paid by the seller.
Here's what happens with it:
- 5% is distributed proportionally to everyone who owns Baby Doge Coin.
- 5% will be split and used for a liquidity pool with Baby Doge Coin and Binance Coin (BNB) on PancakeSwap.
You will lose 10% if you sell Baby Doge Coin. In the event that you decide to keep Baby Doge, you will be entitled to a portion of the selling fee. This is becoming increasingly common. A few other cryptocurrencies do the same thing:
It's a gimmick that's been used before. However, these three cryptocurrencies suffered large price losses after initial successes.
The Tokenomics of Baby Doge
Another thing that Baby Doge Coin has in common with other new cryptos is a very large supply and a low price. Baby Doge started with 420 quadrillion tokens. The developers burn (destroy) tokens manually and have done so so far with over 125 quadrillion. The price of Baby Doge is hard to follow as it's only worth a small fraction of a penny. Here are some of the ups and downs of Baby Doge Coin since its launch based on data from CoinGecko:
- The earliest recorded opening price was $0.0000000000175 on June 9.
- It reached the current all-time high of $0.000000002014 on June 24. That's an increase of 1,050%.
- The next day (June 25), it had already fallen back to $0.000000000799. A loss of 60%.
Baby Doge's future plans
The white paper and roadmap for Baby Doge Coin outline a whole series of goals. To begin, here are some of the more serious ones:
- Be listed on the main cryptocurrency exchanges
- The launch of Baby Doge Swap, a decentralized crypto swap
- Crypto payments by Baby Doge credit card
- Creating a Baby Doge Wallet for Owners
- Launching a marketplace for non-fungible tokens (NFTs)
It's also worth mentioning some of the more extravagant and silly plans:
- Create many more memes
- Give away a Tesla when Baby Doge Coin reaches a market cap of $250 million
- Carving Baby Doge into a Mountain Once Baby Doge Reaches $100 Billion In Market Capitalization
- The establishment of a Baby Doge religion with a market capitalization of 500 billion US dollars
Considering some of these goals, this is not a cryptocurrency that should be taken too seriously.
Baby Doge vs. Shiba Inu vs. Dogecoin
In this year's cryptocurrency market, dog themes have become increasingly popular. This was made possible particularly by Dogecoin, the meme culture, and Elon Musk's Twitter account. How does the original meme cryptocurrency "Dogecoin" differ from an alleged Dogecoin killer "Shiba Inu" and "Baby Doge"?
Developed by the dogecoin community as a descendant of their "father" Doge, Baby Doge is a cryptocurrency with a creative side. As stated on the cryptocurrency's website, "Baby Doge is trying to impress his father by showing off his new improved transaction speeds and kindness.".
The Baby Doge cryptocurrency, however, does not serve as a currency. The owners are rather encouraged to simply hold on to their coins in the hope that their value will increase. In contrast to Dogecoin, which like many other cryptocurrencies does not have an upper limit on the amount that can be mined, Baby Doge is pre-mined, meaning no more can be made. This makes the coin hyperinflationary, and according to the Baby Doge website, it is expected to become scarcer over time. Every transaction on the Baby Doge network paid in Baby Doge will be rewarded with a 5% fee for Baby Doge owners. The network has the right to retain an additional 5% fee for liquidity purposes.
Despite claiming that its transaction speeds are a magnet for investors, Baby Doge focuses on raising its price over a six-part roadmap. While the supply of Baby Doge is "limited," this cap is a staggering 420 quadrillion tokens, hence the current low price.
A joke was created by two software engineers in December 2013 as the basis for Dogecoin. Initially conceived as a joke, Bitcoin is now a fully functioning cryptocurrency. Dogecoin currently has a market capitalization of $31 billion, which places it as the fifth largest cryptocurrency.
One of the reasons why Dogecoin has become so well known is due to Elon Musk's tweets. Elon Musk has even been referred to as the "dog father" by some market participants because of his support for cryptocurrencies. Dogecoin's supporters are not limited to Elon Musk. According to "Shark Tank" investor Mark Cuban on CNBC's "Make It," Dogecoin is the "strongest" cryptocurrency as a medium of exchange, which Elon Musk immediately confirmed, tweeting, "I've said this for a while.".
However, despite the fact that investing in any crypto is speculation, it appears that the former "joke" crypto has staying power. Despite the fact that the coin actually exists as a medium of exchange, at least two prominent and popular billionaires support it.
A fork of Bitcoin called "Litecoin" was created to create Dogecoin, which uses the same consensus algorithm as Litecoin. While Litecoin received a maximum offer, Dogecoin did not. Therefore, new Dogecoin blocks are found every minute. The miners receive 10,000 new DOGE for each block they find. Dogecoin is created 14,4 million times per day.
The Shiba Inu originally served as a mascot for Dogecoin, but now it functions as a token on the Ethereum blockchain. Contrary to some cryptocurrencies that limit their supply, Shiba Inu has a huge mintage of 1 quadrillion coins, similar to Baby Doge.
Shiba Inu is also available for a similar price as Baby Doge of $0.0000082 on August 24, 2021. In contrast, there is one key difference between Baby Doge and Shiba Inu: Shiba Inu aims to be an Ethereum-based alternative to Dogecoin by supporting a decentralized exchange called Shibaswap as well as NFT art incubators.
Due to its viable functionality and its basis in Ethereum, Shiba Inu is believed to have a greater chance of success than Baby Doge since it is based on Ethereum. However, Shiba Inu is still very speculative, and as with other altcoins trying to establish themselves in the cryptosphere, even a single tweet can cause a massive price movement. It is unsurprising that Elon Musk is also one of the main culprits involved in Shiba Inu. As a result of a single tweet from Musk saying, "My Shiba Inu will be named Floki," the Shiba Inu price increased by 25%. Potential investors should exercise caution in this regard.
An examination of ShibaSwap has provided additional reason for caution. ShibaSwap and therefore Shiba Inu posed large risks of centralization and privilege. As a result, a developer had the authority to "withdraw all ERC20 BoneTokens to any address".
Supposedly, these issues have since been addressed, but ShibaSwap has only been audited once, so it is not possible to determine whether the team has kept these changes or not.
Prediction: Is the Baby Doge Coin a safe investment?
No, Baby Doge Coin is not a safe investment. However, before we proceed: Buying Baby Doge Coin is not a decision to be made lightly. Baby Doge is a new, extremely volatile cryptocurrency, so there is a high possibility that you may lose money using it.
You should read the website and the whitepaper before you become interested in Baby Doge Coin after seeing something about it on Reddit, YouTube or elsewhere. Independent research is the most important factor when it comes to new cryptocurrencies, rather than simply trusting someone else's words.
Moreover, investors should be cautious about how much money they invest in the Baby Doge Coin. There have been many cryptocurrencies like this that began strong and then quickly fell into obscurity, leaving many disappointed investors behind. Such hyped cryptocurrencies tend to depreciate in value over time, and many investors buy them during the peak of their price.
Baby Doge Coin should be regarded as a lottery investment. Putting a small amount of money into it before you are expecting to earn anything is a wise idea if you are really interested in trying. If you are lucky, you may be able to earn a decent income.
How many Baby Doge Coins are in circulation?
Baby Doge Coin currently has a 24-hour trading volume of $2,017,639. BabyDoge's current CoinMarketCap ranking is #2845.
Baby Doge started with 420 quadrillion tokens. The developers are constantly destroying tokens manually and have done so so far with over 125 quadrillion Baby Doge.
What are the fees when buying Baby Doge?
Purchasing Baby Doge entails the payment of fees and costs that are related to the trading venue and provider selected. A majority of cryptocurrency providers charge a commission per transaction when buying cryptocurrencies such as Baby Doge, or they charge a spread based on the difference between the buy and sell prices.
Buying a Baby Doge – investment or object of speculation?
In terms of market capitalization, Baby Doge has a diluted market capitalization of $252,609,759 , which makes it a relatively obscure and small cryptocurrency.
Baby Doge aims to be a competitive alternative to Dogecoin (DOGE), a popular memecoin. Baby Doge is intended to be very plentiful, in contrast to Bitcoin, which is designed to be scarce. There are several projects that are supported by Baby Doge token ecosystem, including an NFT art incubator and a crypto debit card.
Nevertheless, you should be clear in your mind about the goals you wish to achieve before investing in Baby Doge. The financial market is governed by a simple principle that also applies to cryptocurrencies: the higher the expected return, the greater the risk. Due to the popularity of Baby Doge as a meme, it has the potential to earn a high return. Otherwise, the Baby Doge cryptocurrency is lost among hundreds of other projects and memecoins and is not special. So Baby Doge is like a lottery game in the end. Yes, it offers investors the slim chance of incredibly big gains , but also the more likely chance of a total loss.
Pros and Cons of a Baby Doge Investment
Do you recommend purchasing Baby Doge or should you avoid it? Can a Baby Doge Investment be considered worthwhile, or are well-known cryptocurrencies such as Bitcoin and Ethereum, or even Dogecoin, a better investment?
Consider all the pros and cons before making a decision about purchasing Baby Doge. In light of this, we have listed all of Baby Doge's important advantages and disadvantages below.
The advantages of Baby Doge Coin
In the first place, the Baby Doge Coin is very inexpensive. Baby Doge currently has a trading price of $0.000000000600 (as of 09/12/2021). Cryptocurrency prices are extremely important not only psychologically, but also economically. Baby Doge is significantly more likely to achieve a 100% return than Bitcoin.
Ethereum will also require enormous investor interest before it can double in value due to its current high price and volume of trading. Consequently, it would be easier for Baby Doge to double, triple, or even quadruple its price in the near future.
Consequently, Baby Doge's lower cost could lead to greater activity in the digital currency in the short and long term, which would increase its price.
Baby Doge has been extensively covered by various financial news portals as a well-known memecoin. It has already been mentioned by Elon Musk on Twitter. The popularity of this naturally leads to numerous articles on the topic. I believe this is one of the primary reasons why investing in Baby Doge may be a wise decision. Interest in Baby Doge may result in higher trading volumes and an increase in price.
Additionally, Baby Doge Coin is an ideal vehicle for short-term gains. Baby Doge has very high volatility, making it an ideal financial tool for day traders, cryptocurrency traders, and arbitrageurs alike. A day trader may profit from large percentage swings in the market during periods of strong bullish or bearish activity. During the course of an hour, Baby Doge can easily climb 20%, gain 30% in the next hour, and then plunge more than 35% in the next hour.
The cons of Baby Doge Coin
When it comes to meme-inspired cryptocurrencies, the Baby Doge Coin is a relatively new cryptocurrency. The term "dogecoin" probably comes to mind when people discuss meme-inspired cryptocurrencies.
In terms of traditional investments, buying Baby Doge Coins is probably not a good decision. There are several worrying red flags regarding Baby Doge, as there are no characteristics that distinguish it from other cryptocurrencies. Let us begin with the name. It is only because of Dogecoin's popularity that a cryptocurrency is called "Baby Doge Coin".
If the crypto had been good enough to stand alone on its own, would developers have chosen such a name? According to the roadmap, there are plans to engrave a baby doge into a mountain and to "start a religion". The silly nature of this cryptocurrency is understandable, since it is a memecoin. The majority of investors would be reluctant to invest in a company that treats its business plan as a joke. Baby Doge Coin does not benefit from the fact that it is a cryptocurrency.
In addition, Baby Doge is a very basic cryptocurrency. In addition, the coin does not possess a strong infrastructure and does not contribute substance to the crypto financial arena. Doge's main purpose is to serve as a medium of exchange. In spite of that, Baby Doge's referral fee of 10% is not enough to make it worthwhile. Surely no one wants to lose 10% on every transaction? In the saturated crypto market, dominated by a few elites, Baby Doge will have a difficult time breaking into the market. After a period of time where Baby Doge has relatively few transactions, this could cause people to avoid cryptocurrency. The result would be a reduction in liquidity, a decrease in trading volume, and a fall in prices.
Benefits of Baby Doge
- Baby Doge is cheap to purchase
- Baby Doge is relatively well known
- Baby Doge is a great vehicle for short-term gains
Cons of Baby Doge
- Baby Doge has a very high volatility
- Baby Doge is not a first mover as a memecoin
- Baby Doge does not add substance or innovation to the crypto financial space
- The developers themselves don't take Baby Doge seriously
The best time to buy Baby Doge
If a person wishes to buy Baby Doge, he or she should only do so following extensive preparation and research. It is often difficult to determine when the best time is to invest in Baby Doge, as it is with other investments. Those with more experience in investing know that it is impossible to predict the optimal time to purchase Baby Doge. It is possible to determine a good time using certain criteria and theories.
- Baby Doge's volatility makes it difficult to predict the best time to purchase the cryptocurrency.
- In the stock market, 10% changes in price are very rare and occur only in extreme situations. In contrast, this often occurs several times a week with cryptocurrencies such as Baby Doge.
Investors should avoid bad times rather than wait for the best time to invest in Baby Doge coins. For this they should deal with the emotions when buying cryptocurrencies.
Emotions when buying Baby Doge
Investing in volatile cryptocurrencies may be difficult because they are associated with strong emotions. Fear of Missing Out (FOMO) and panic cause investors to make impulsive and thoughtless purchases.
- FOMO is the fear of missing out. A good exbaby dogele: Baby Doge's price rises sharply, completely out of the blue. People react emotionally to this. As a result of this fear, you buy imprudently because you do not want to miss out on the big prize. Near the all-time high is often a very unfavorable time to catch such an event.
- You panic when you already own Baby Doge and the price suddenly drops. A panicked person sells Baby Doge Coins quickly and thoughtlessly in order to minimize further losses. It is also common for panic to take hold near the bottom when conditions are unfavorable.
Tips for Baby Doge
- Tip 1: Diversification is everything! The main goal of every investor should be diversification. In order to protect your own assets, it is worth investing in different cryptocurrencies.
- Tip 2: Volatility and short-term fluctuations are normal with cryptocurrency! Panic and FOMO should never take over.
- Tip 3: What is the time horizon of the investment? Is the investment long-term? Then you should not think short-term! You should also stick to your original plans.
- Tip 4: It's worth following Baby Doge News in order to identify course developments in advance, if possible.
- Tip 5: If you buy Baby Doge CFDs, you should only choose low leverage or no leverage at all in order to keep your own risk as low as possible.
- Tip 6: Demo accounts help to practice and understand cryptocurrency trading like Baby Doge.
- Tip 7: You should compare different exchanges and brokers to find the best offer and thus save costs.
- Tip 8: You should never really ever borrow money to invest in Baby Doge Coins or other cryptocurrencies.
- Tip 9: Only invest money in Baby Doge that is freely available.
- Tip 10: It's better to invest in projects you believe in and understand.
How to buy Baby Doge?
PancakeSwap is the recommended platform at the moment for people who wish to purchase Baby Doge Coin. A large decentralized exchange is PancakeSwap. To use PancakeSwap, investors need to connect a crypto wallet. After that, they will need to exchange another cryptocurrency for Baby Doge Coin, such as Binance Coin. Initially, it takes a little getting used to, but once you get the hang of it, it isn't too difficult. Nevertheless, it is important to note that Baby Doge Coin is not listed on any of the top cryptocurrency exchanges. Due to its low trading volume, it is a memecoin with a long road to getting listed.
How to buy babydoge
Estimated Total Time
What is necessary:
Tool: A cryptocurrency market.
Compare Cryptocurrency Markets
Register with an exchange that offers baby doge in at least one cryptocurrency pairing. Comparing exchanges when purchasing baby doge can help you find the best exchange rate and the lowest fees. It is important to understand that some exchanges require your full name, contact information, and ID before you can trade.
Create an account
Verifying your identity and email address is a prerequisite for setting up an account with an exchange. Bring your ID and telephone with you.
If your exchange supports baby doge, then you can purchase baby doge directly with dollars, euros, pounds, or any other currency of your choice. There are a few exchanges that charge commissions based on the amount of baby doge you purchase, so you should be aware of these fees before you make a payment. Payments made by credit card are generally more costly.
Select the currency you wish to trade on your chosen exchange. Navigate to the market section. To purchase an baby doge, click on the buy baby doge section and enter the amount of the paired cryptocurrency you wish to spend or the amount of the baby doge you wish to purchase. We advise you to carefully review the transaction details before completing the transaction, including the amount of baby doge you purchased and the total cost of your trade.
Where to Buy Baby Doge Coin