Dogecoin: the father of all memecoins

Memes are probably the most popular form of art in the modern world. If you believe in the power of jokes and how deep an emotional connection they can make with the human psyche, then the success story of memecoins should not be a tremendous shock to you. The age of meme coins started out in 2013 with Dogecoin or DOGE, the father of all meme coins. It was supposed to be a simple joke but things became serious very fast, its community grew exponentially and its market cap went through the roof. DOGE still retains one of the highest places in the entirety of the cryptocurrency market, possessing a market cap of over $11 billion.

What is BabyDoge?

DOGE paved the way for many new meme coins to emerge and some of them experienced a level of success on par with that of Dogecoin itself. But if there is a rightful son of Dogecoin, it has to be BabyDoge. Founded in 2021 on the Binance Smart Chain (BSC), BabyDoge was inspired by Dogecoin and was created to be an improvement upon its father coin. BabyDoge is a Hyper-deflationary token with static reflection that redistributes %5 percent of each transaction to all of BabyDoge holders, so you’d be making money by simply having baby dodge in your wallet. BabyDoge started its run with 420 quadrillion tokens, almost 190 quadrillions of which have been burnt according to CoinMarketCap. The token burning is a common practice adopted by many cryptocurrencies to reduce the rate of inflation in the market, in which a certain number of a specific token are sent to a “dead wallet”, of which the private key is unknown and the tokens are effectively out of circulation or “burnt”. After only a week of being introduced to the market, BabyDoge tokens experienced a %100 jump in price and the market cap reached $200 million in less than a month. The memecoin has Elon Musk and his tweets to thank for a fair chunk of its quick success in the market.

Price history

When BabyDoge was first launched on June 1, 2021, its initial price was $0.000000000175, and hit an all-time high of $0.000000007695 on July 4, 2021, almost 44 times higher than the original price. The currency has been experiencing a downward trend for some time now but BabyDoge is still a baby and it’s too soon to make quick judgments about its future. The initial hype behind BabyDoge has had a huge impact on its early boost but the future of BabyDoge is still heavily speculative.

Some compatible wallets for BabyDoge

Compatible software wallets

• MetaMask Wallet

• Coinomi

• Atomic Wallet

• Trust Wallet

• Coinbase

Compatible hardware wallets:

• Trezor

• Ledger

• BitBox

Pros and cons of BabyDoge

You can make passive income by simply owning BabyDoge tokens. The transaction fee for trading BabyDoge is %10, half of which is redistributed among the existing holders and the remaining %5 is used to provide liquidity for trading.

It was announced by its development team that BabyDoge is partnered with a number of charities, including animal organizations and dog shelters, and hundreds of thousands of dollars have been donated to these animal charities.

The Binance Smart Chain (BSC) on which BabyDoge was founded and operates, is faster and more efficient that many other blockchains. The developers behind BabyDoge used the BSC and created an ecosystem that’s compatible with Ethereum, which among other benefits, enables holders to store BabyDoge tokens in a wallet like MetaMask.

On the flip side, BabyDoge doesn’t really have a decisive advantage to make it exciting in the market on its own. BabyDoge and similar cryptocurrencies are incredibly risky for the beginner-level investors and even the mid-level folks. There are no real use cases for BabyDoge at this moment and a growing and enthusiastic community is probably the most convincing and interesting aspect of BabyDoge for most of the current token holders, the passive income aspect aside.

The Takeaway

BabyDoge was built on the shoulders of the giant before it, the Dogecoin. The quick success of BabyDoge has a lot to do with hype and not much to do with utility or a clear road-map for the future of the token. The passive income that comes with holding BabyDoge tokens might seem like a lucrative opportunity but you should be extra careful about investing in memecoins, especially in the likes of BabyDoge that are very susceptible to the hype that surrounds them. However, the token is still very young and the night is long, and a growing meme-loving community might contribute to more upcoming spikes in its value.For more in-depth analysis and updates on cryptocurrencies like BabyDoge and the wider crypto market, we invite you to stay informed by regularly visiting Cryptodesk