In recent weeks, a new “meme currency” has been attracting attention. It’s called Baby Dogecoin. The new cryptocurrency project is gaining in popularity by the hour. After all, Dogecoin is comparable to the new cryptocurrency’s “father of memes”. So it’s all the less surprising that Elon Musk is also jumping on the bandwagon. After all, the Tesla CEO is known to be a big supporter of Dogecoin.
Elon Musk’s tweet sends the price of Baby Dogecoin soaring
Baby Dogecoin presents itself as the “son” of Doge. Until now, the project has remained relatively discreet. While the project has gained a few fans in recent weeks, the big leap comes with the backing of Elon Musk. The latter is already known to have supported Dogecoin on several occasions.
With yesterday’s tweet, Elon Musk succeeded in propelling the baby Dogecoin into the spotlight. Meanwhile, Baby Dogecoin’s Twitter page also boasts over 82,000 followers. And the number is growing. Just 20 minutes after publication, the price of Baby Dogecoin rose by over 140%. What’s more, the market capitalization has risen from around US$250 million to over US$500 million.
Baby Dogecoin jumps 97.38
Baby Dogecoin, which bills itself as the world’s best community currency, rose by 97.38%. Thanks to this, Musk’s tweet helped make Baby Dogecoin even more popular – which, however, already saw an incredible price increase at the beginning of June.
By May 31, 2021, the Baby Dogecoin price had already gained 35,800% – which translates into an average daily performance of around 1,700%. With the support of the “Dogefather”, the price of Baby Dogecoin now looks hard to stop. Admittedly, Baby Dogecoin is literally still in its infancy, as its price currently stands at around $0.0000001891. Nevertheless, it is expected that the price could now rise rapidly.
Baby Dogecoin: what’s behind this cryptocurrency?
The project aims not only to promote Dogecoin, but also to “impress”. As such, Baby Dogecoin aims to impress with its improved transaction speed and hyperdeflationary nature. Currently, Baby Dogecoin has a blocking time of 5 seconds (60 seconds compared to DOGE). In addition, Baby Dogecoin offers an integrated smart staking system for all its holders to pay out rewards.
Baby Doge runs on Binance’s Smart Chain and is a hyperdeflationary altcoin. Thanks to the smart staking system in its own ecosystem, coins are automatically added to the wallet of every Baby Dogecoin user. In short, all holders receive a 5% commission in their wallet every time a transaction takes place on the Baby Doge network.
Buying Baby Dogecoin
At present, Baby Dogecoin is still a risky cryptocurrency in its infancy. Nevertheless, BabyDoge already has the potential to grow exponentially. Therefore, an early investment in the brand-new meme currency could pay off. After all, in addition to the expected price increase, BabyDoge holders can also benefit from the 5% commission that is automatically charged for every transaction on the network.
