There’s a new crypto that is capturing headlines, and it’s named Baby Doge Coin (no really).
Dogecoin, which is a meme coin, had a surge of popularity to turn into one of the biggest cryptocurrencies of the year. Now another cryptocurrency, named Baby Doge Coin, is seeking to follow in its path.
The name sounds silly sure, but this is normal for crypto, where there is also an ElonGate, LamboCoin and even a crypto called Loser Coin. But the possible returns are not a joke, as Baby Doge Coin’s price has exploded by nearly 700% since it went live.
Will that trend keep going? I wouldn’t think so. To explain why, let’s dive in a bit deeper to research Baby Doge Coin.
What is it?
Baby Doge Coin is a crypto that was unveiled on June 1st this year, by people inside the Dogecoin community. According to their white paper, the coin is about 10 times faster than Dogecoin and features cheaper transaction fees.
Baby Doge Coin has fees of 10%. Half of this fee is given to existing holders. The other half is put into a pool with Baby Doge Coin and other coins.
The transaction fee is to encourage investors to hold on to their Baby Doge Coin, and it is not a new idea. Another popular crypto Safemoon charges a 10% fee with half of that being sent to holders and half being sent to a pool. Since then, a group of imitators have popped up doing this same thing.
Baby Doge Coin’s numbers
Baby Doge Coin has an overall supply of 420 quadrillion tokens. The coin developers have already manually destroyed (burned) more than 125 quadrillion, leaving around 295 quadrillion left.
That’s a huge amount, and it means that the coin has a very low price. Here is a glance at its earliest price and where it has gone from there:
- Earliest price (June 9): $0.000000000175
- Price now (June 25): $0.000000001360 — a 677% increase
Since reaching its all-time high yesterday, the coin has lowered in price by more than 30%.
Should you invest in Baby Doge Coin?
If you’re looking for a long term crypto investment, Baby Doge Coin is not it. It’s like getting into the lottery. You might get lucky, but the very likely result is you will lose money.
As a normal rule, I stay away from cryptos that have hundreds of trillions of tokens and that are ultra-low priced. Baby Doge Coin goes even further by having hundreds of quadrillions. This type of crypto is pretty much never a big long-term winner. They get unveiled, and sometimes the price goes up early on, and then they plummet. So I would recommend staying out of this one, unless you are feeling lucky.
Author: Scott Dowdy
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