With Baby Doge Coin (BABYDOGE) being one of the most popular meme coin projects in the crypto market, many people want to know the specifics of the Baby Doge Coin token (BABYDOGE).
What is Baby Doge Coin (BABYDOGE)?
Baby Doge Coin (BABYDOGE) is a cryptocurrency token created by fans of the popular Dogecoin online community. Launched in 2021, the token started with a total supply of 420 quadrillion tokens, with the earliest recorded price at 0.000000000175.
According to the project’s Whitepaper “Woof Paper”, the goal of Baby Doge Coin (BABYDOGE) is to bring crypto to the average person and to help dogs in need. But, in contrast to its predecessor Dogecoin, you will see that Baby Doge Coin (BABYDOGE) doesn’t have that much to offer in terms of investment.
While Dogecoin has its own chain, Baby Doge Coin (BABYDOGE) runs on BNB Smart Chain, without any underlying tech or utility.
How Does Baby Doge Coin (BABYDOGE) work?
In order to encourage Baby Doge Coin (BABYDOGE) holders to HODL for longer periods and to keep the baby doge network active, the founders of Baby Doge have placed a 10% transaction fee on every sell transaction. 5% of this fee is distributed among the BABYDOGE holders.
Can Baby Doge Coin (BABYDOGE) Reach New Highs?
We should acknowledge the fact that there is a total supply of 420 quadrillions of Baby Doge Coins. With 115 quadrillions tokens currently circulating with 43%, or 180 quadrillions have already been removed with coin burning.
After looking at the total supply of the Baby Doge Coin (BABYDOGE), we can see that Baby Doge (BABYDOGE) coin can't reach $1 in the next few years. But the coin burning and premier exchanges listing can for sure boost the value of this meme coin.
Is Baby Doge Coin (BABYDOGE) Worth Looking at?
Although Baby Doge Coin (BABYDOGE) has had moments where the token price saw a 1,000% price spike within just two weeks. But, we should keep in mind that Baby Doge was initially hyped by a tweet from Elon Musk.
In other words, Baby DogeCoin (BABYDOGE) is still unestablished, and an investment in BABYDOGE might be a risky one.
Baby Doge Coin (BABYDOGE) vs. Dogecoin (DOGE)
Although both Baby Doge Coin (BABYDOGE) and Dogecoin (DOGE) are both meme cryptocurrencies, there is a huge difference between these two cryptocurrencies.
When comparing these two cryptocurrencies Dogecoin is the winner here, Dogecoin is a coin and has its own blockchain, whereas Baby Doge Coin (BABYDOGE) is a token on BNB Chain. As for supply, Dogecoin has unlimited supply whereas baby doge has a limited supply of 1 quadrillion.
Is DollarMoon (DMOON) better than Baby Doge Coin (BABYDOGE)?
Since its launch in December last year, DollarMoon (DMOON) has been a very hot topic in the meme coin world. Unlike other meme coins, the project has a very clear plan ahead and a very strong roadmap that is dependent on a unique system that is called the “Value Leading System”.
The DMOON token is a BEP-20 token on BNB Smart Chain (BSC), and holders of the token earn 2% of the fees with each buy/sell transaction in the form of BNB coins.
Although the token was released a month ago, it has proven itself to be a promising project that will reward its investors.
The Bottom Line
We can’t give a clear answer to the question “Can Baby Doge Coin (BABYDOGE) reach $1?”, for the meantime we can say that it is highly unlikely. BABYDOGE holders might benefit from the recent attention that this coin has gained but the future of this coin is still quite unclear. For that, we would encourage you to make sure to do your own research about the coin and its history before making any investment.