The Baby Doge Coin cryptocurrency was created three weeks ago on the Binance Smart Chain. Its performance surprised many. In just two hours, this token rose by 35% on the stock market. And it did so following a Twitter post by the head of Tesla. According to Coingeko, at this rate, it has gained 460% since its creation. It currently has a market capitalisation of $0.2 billion.
Interesting facts about Baby Doge Coin
Users in the Doge community have contributed to the creation and development of Baby Doge. It doesn’t claim to be a derivative of Dogecoin, but it more than deserves to be its heir. It even manages to impress it. Baby Doge manages to catch up with the transaction speed of Dogecoin and ShibaInu. What’s more, he’s an adorable character.
It’s not a spin-off either. In fact, Baby Doge is a new cryptocurrency that isn’t dependent on any other cryptocurrency. Present on the Binance Smart Chain, it was developed there. Hyper-deflating, Baby Doge has a system that rewards crypto holders. Thus, crypto holders automatically receive coins in their wallet.
Baby Doge Coin mechanism
With the deflationary mechanism, Baby Doge Coin’s aim is to ensure that crypto retains its value. A 5% redistribution on each transaction for the benefit of crypto Holders is provided for by the protocol. Thus, the community earns tokens that are automatically paid back into its wallet. Tokens on the market in specific quantities will burn. In the case of Baby Doge, the burned supply amounts to 30%. In other words, 30% of the 5% redistributed will go to the dead wallet.
Baby Doge has set up a ‘charitywallet’ to raise funds. Certain redistributions are paid into a wallet intended to support social organisations. Of the total offer, 2.2% is allocated to them. The first charity is a donation to PawsWith Cause, a partner of 45 American shelters.
Baby Doge Coin and other cryptos
Dogecoin and Baby Doge are entirely different. The ‘father’ is a coin while the ‘son’ is a token. As far as the chain is concerned, Dogecoin works with its own, whereas Baby Doge conducts its transactions on Binance Smart Chain. On this point, this crypto is more like ShibaInu. All in all, Dogecoin can be mined and created in order to be exchanged or held.
As for Baby Doge, its tokens are pre-mined. In other words, the money supply is unlimited for Dogecoin and limited for Baby Doge. There are currently 420 billion Baby Doge tokens in circulation, compared with 130 billion Dogecoin tokens.
Like its predecessors, Dogecoin and ShibaInu, Baby Doge Coin has prospered thanks to ElonMusk’s Twitter posts. Baby Doge hasn’t finished surprising others yet.
