Baby Doge is the Tesla CEO and cryptocurrency enthusiast’s new favorite. Baby Doge is indeed a baby in the crypto finance world. Just a month old and has become popular by Musk’s tweets. What is this new spinoff cryptocurrency all about? Read along to find out.
What is Baby Dogecoin?
So far, Dogecoin has been associated with the popular Shiba Inu dog. With the Shiba Inu dog’s increasing popularity, other cryptocurrencies caught up and started using it as well. Before the chibi version of the Shiba Inu took a seat on Baby Doge, it was first found on the Shiba Inu coin.
The coin debuted 22 days ago and credits the ‘fans and members of Dogecoin’s online community in its official Twitter account. The self-proclaimed ‘world’s best community coin’ works on an integrated smart staking system. It will you people to add more coins to your wallet with each transaction.
“Baby DogeCoin has learned a few tricks and lessons from his meme father, Doge. New crypto birthed by fans & members of the DogeCoin online community. Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness. He is Hyper-deflationary with an integrated smart staking system built in to reward you, so more baby doge coins are being automatically added to your wallet each transaction. Simply Love, pet, and watch your baby doge grow,” states the cryptocurrency website.
Should you invest in this new cryptocurrency?
The new cryptocoin has a market cap of $0.2 billion. It might not seem like a great price but, for a relatively new crypto-coin, it is an impressive feat. In true Musk style, The Tesla CEO boosted the new kid in the block with a Baby Shark parody.
However, this initial boost must be taken with a pinch of salt. Elon Musk is notorious for manipulating the cryptocurrency market with his tweet and, it did not receive a positive response. It’s mainly due to how portfolios of many people lost meaning. However, putting all your faith and investments in one bag might not be the best idea. But, if you’re quick and keep track of fluctuations, it might be a smart investment after all