Poloniex, a popular cryptocurrency exchange, has announced the addition of a new token to its platform - Baby Doge (BABYDOGE). The listing of this token on the exchange will give traders access to a new investment opportunity and is expected to create a buzz among the crypto community.
According to the announcement, users can begin depositing BABYDOGE on the platform from Feb. 17 at 05:00 (UTC). Trading for BABYDOGE/USDT will commence two hours later at 07:00 (UTC). The exchange has not provided any information on the initial price of the token or the total supply that will be available for trading.
Launched in 2021 with a total supply of 420 quadrillion tokens, Baby Doge has already generated a lot of buzz due to its unique features. One of the key characteristics of BABYDOGE is the 10% fee that applies to every trade. This fee is split between all existing holders of Baby Doge Coin and is also used to provide liquidity for trading.The token was popularized by Elon Musk, who changed the lyrics of "Baby Shark" to reference the Dogecoin offshoot, though he has not acknowledged the coin itself. The tweet propelled BabyDoge's price to surge in July 2021 and helped the token differentiate itself from other copycats that emerged in the wake of the Dogecoin rally. BabyDoge's market cap is $621 million, according to CoinGecko, and the token is traded on several exchanges including OK, MEXC Global, and Gate.io.
As a BEP-20 token built on the Binance Smart Chain, Baby Doge claims to offer fast and efficient processing, with low gas fees and processing times of as little as five seconds. One unique feature of the BABYDOGE protocol is that almost 43% of the initial token supply was burned, with further monthly burns taking place to manage supply.
Earlier this February, the developer team behind BabyDoge launched a burn portal. Through the portal, the development team will burn five tokens for every one burnt by the community until April 1, potentially making the deflationary token more scarce.