baby doge coin (BABYDOGE) has been trending on social media in the past week. The price has turned higher after dropping
What is baby doge? How does it differ from the popular dogecoin (DOGE) and the other dog-themed cryptocurrency memecoins?
In this article, we look at the project’s latest news and some price projections from forecast sites.
Baby doge aims to build on memecoin protocols
The baby doge cryptocurrency is among a growing number of coins and tokens based on the Shiba Inu dog Internet meme, from dogecoin to shiba inu (SHIB), floki inu (FLOKI), dogelon mars (ELON) and more.
Dogecoin was launched as a joke, parodying the proliferation of cryptocurrency projects. But it has developed a strong community focused on the potential for small investors to get involved. According to the project’s whitepaper:“Baby Doge Coin was born June 1st 2021 with the goal of being a decentralised meme project with a purpose. Baby Doge is a fun meme with a serious mission to rescue dogs in need, bring crypto adoption to the mainstream with new concepts such as rewards, NFTS, decentralised exchanges, and credit card for crypto payment on our website.”
Baby doge aims to build on the work of dogecoin with faster transaction speeds and deflation to support the token’s value.
“Baby Doge has learned a few tricks and lessons from his meme father, Doge. A new crypto birthed by fans of the Doge Meme online community. Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness,” says the website. “He is Hyper-deflationary with static reflection that rewards holders, so more baby doge coins are being automatically added to your wallet each transaction. Simply Love, pet, and hold as 5% from each transaction is automatically redistributed to baby doge holders.”Like other dog-themed memecoins, the developers behind the project are anonymous. Baby doge runs on the Binance Smart Chain (BSC). It’s compatible with the Ethereum blockchain and users can bridge their assets across the chains.
The protocol features three basic functions: reflection, liquidity pool acquisition and burn. Each trade incurs a 10% transaction fee, which is split in two ways:
- 5% is distributed automatically to token holders as a reward
- 5% is split, with half sold into binance coin (BNB) and the other half added to the BABYDOGE/BNB liquidity pair on the PancakeSwap decentralised exchange (DEX). The majority of the initial liquidity pool tokens are locked and some burned
Of the total baby doge token supply of 420 quadrillion, a dead wallet holds 41%, burning coins with each transaction.
The project has a designated charity wallet that receives redistributions to be donated to its charity partners.