Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
The memecoin sector was built around good times and fun. Projects like Dogecoin and Shiba Inu expanded on this desire to make cryptocurrency adoption lighthearted. Now, there is another project making waves, the Baby Doge Coin (BABYDOGE). Baby Doge is from the fans of the original Dogecoin project but is not directly related to the coin.
Baby Doge adds some improvements and another level of adorableness to the equation with its puppy-themed aspects. Notably, this fun collectible token protocol has already gained some serious attention from both fans and crypto stars. For example, Tesla's CEO, Elon Musk, also known as the Doge Father, has recognized the project on social media. Here's everything you need to know about the Baby Doge Coin.
What Problems Does Baby Doge (BABYDOGE) Solve?
Baby Doge improves on some of the technical shortcomings of the original Dogecoin project. For one, it's far more scalable. Instead of using a proprietary blockchain, Baby Doge leverages the advanced Binance Smart Chain. This strategy provides the protocol with far better scalability and improved transaction times. Baby Doge approves a block of transactions every 5 seconds. For comparison, Ethereum adds a block every 13 seconds.
Another major concern for earlier cryptocurrencies that Baby Doge manages to eliminate is inflation. Inflation is a loss of buying power in an asset. It can occur for many reasons but is usually brought on by an influx in tokens which lowers the demand for the asset. Baby Doge users avoid these concerns due to the network's hyper-deflationary setup.
The total amount of Baby Doge in circulation is reduced over time which helps to drive up demand. Interestingly, the network has burned 40% of the total supply which has also worked to bolster demand. Deflationary protocols help to improve the store of value characteristics of a currency. In this way, Baby Doge seeks to empower HODLers.
Another problem that Baby Doge developers wanted to reduce was the chance of rug pulls. A rug pull is a term used to describe when a developer suddenly removes all the liquidity from a project. These actions cause the value of a token to drop suddenly. Baby Doge integrates liquidity locks to ensure that a certain amount of tokens remain in the platform's liquidity pool. This approach helps to build long-term investor confidence.
Lack of Security
Security was a main concern for the developers behind Baby Doge. The firm has already completed multiple third-party audits. The network passed an in-depth audit from Dessert Finance. Dessert Finance provides due-diligence project audits for various BSC projects.
Benefits of Baby Doge Coin (BABYDOGE)
One of the main aspects that makes Baby Doge an interesting project is the fact that it's designed to be way cuter. Each token includes an adorable Shiba Inu meme puppy. These cute NFTs make it easy to collect all your favorites. Rewards Holders
Another huge benefit for Baby Doge holders is the network's static reflection system. The protocol is set up to automatically redistribute 5% from each transaction to token holders. Notably, these deposits occur automatically and require no interactions on the part of the token holder.
Baby Doge incorporates burn protocols. Aside from the initial 40% burned, 5% from every transaction is sent to a burn address. This continual depletion of the token’s supply works in tandem with other value control mechanisms to make Baby Doge a better long-term investment.
Baby Doge partnered with CoinPayments.net. This partnership enables Baby Doge Coin holders to spend their coins at an excellent selection of online retailers. This partnership improves the overall usability of Baby Doge and puts it directly in use as a daily currency.
Like its father, Baby Doge is all about helping the less fortunate. The protocol integrates a charity wallet that is set up to support great causes. Charities can submit to become eligible for this purse. Already, Baby Doge has contributed to multiple causes including $100,000 to the Best Friends Animal Society. The network also made a $75,000 donation to a local animal-inspired art campaign. This project helps depressed people channel their depression through artwork based on animal shelter pets.
How Does Baby Doge Coin (BABYDOGE) Work
Baby Doge leverages the advanced Binance Smart Chain, deflationary systems, and a new puppy-inspired cryptocurrency. The BSC is a fourth-generation blockchain ecosystem that supports all the latest DeFi functionalities. The network provides lower fees and more responsiveness to the project when compared to Dogecoin or Shiba Inu.
Baby Doge users can join the project's liquidity pool and earn rewards for providing liquidity. These rewards come in the form of Baby Doge coins. Notably, the system is set up to take 5% from each transaction and add it to the pool. A portion of these funds remains locked as part of the liquidity locking strategy.
Baby Doge Coin (BABYDOGE) Crypto Card
Another feature of Baby Doge that is sure to raise eyebrows is the network's Crypto Debit Card. This advanced debit card enables you to spend your Baby Doge like regular fiat currency. When you swipe the card, it automatically converts your coins into fiat at the point of sale. The card is supported by an intuitive Dapp. Users can buy, sell, and trade their crypto directly from the Baby Doge Dapp. You can also top up your balance and review previous transactions.
You can also spend your Baby Doge through the TextBit feature. TextBit is a system that enables you to simply text payments to other users. You just need to enter their phone number and the amount of Baby Doge you would like to send or receive. This system provides Baby Doge holders with a seamless and frictionless way to make international payments. Currently, this feature is being tested in the EEA and UK. In the coming months, it will be available globally.
Baby Doge is a BEP-20 memecoin. The project enjoys full interoperability within the BSC network. You can use Baby Doge to send payments. You can also stake the token to secure low-risk rewards. There was 420 quadrillion BABYDOGE issued at launch. Of that 40% were burnt directly after the launch.
How to Buy Baby Doge Coin (BABYDOGE)
Baby Doge Coin (BABYDOGE) is available on the following exchanges:
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens. USA Residents are Prohibited.
Gate.io – This exchange was established in 2013, and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK. Canada & USA Residents are prohibited.
HTX – Established in 2013, HTX has since become one of the world’s largest digital asset exchanges, with an accumulated trading volume of US $1 trillion. It should be noted that HTX currently does not accept USA or Canadian residents.
If You Love Dogecoin, You're Going to Appreciate Baby Doge
The developers behind the Baby Doge project did some research. The new memecoin improves on many of Dogecoin’s technical limitations. It also helps to tackle one of memecoin's biggest issues, a lack of spendability. The Baby Doge ecosystem enables users to join, have fun, secure rewards, and spend their crypto how they like. For these reasons, you can expect this project to continue to interest traders moving forward.
You may like
How to Buy Baby Doge Coin (BABYDOGE)
Investing in Shiba Inu (SHIB) – Everything You Need to Know
Investing In Dogecoin (DOGE) – Everything You Need to Know
Private: Investing In Avalanche (AVAX) – Everything You Need to Know
Investing In Helium (HNT) – Everything You Need to Know
Investing in Hedera Hashgraph (HBAR) – Everything You Need to Know