Elon Musk’s tweet sends the price of the new Baby Doge Coin soaring, with daily gains of 228%.
This year, another dog cryptocurrency has entered the fight, joining dogecoin and the ERC20 token shiba inu in surprising the people with amazing gains. Baby Doge, a cryptocurrency initiative, has surged 228.3 percent in the previous 24 hours, and even more so when Tesla CEO Elon Musk tweeted about it.
Another canine cryptocurrency has seen a significant increase in value.
Just when you thought the market was overflowing with dog meme tokens, another canine currency has escaped the kennel. The crypto world has been buzzing over a new coin called baby doge (BABYDOGE) in recent days, and Elon Musk decided to tweet about it on Thursday. Musk’s tweet was short and to-the-point, simply saying:
Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.
Musk’s tweet, of course, sent the tiny doge token soaring, with the digital currency up 228.3 percent in the previous 24 hours. Baby doge is up 53 percent this week versus the US dollar, and the currency has up 716.9% in the previous two weeks, according to seven-day statistics.
The Binance Smart Chain (BSC) token tracker bscscan.com includes information about baby doge, and the crypto asset has its own website, babydogecoin.com
The online page claims that “Baby Doge Coin has acquired a few skills and lessons from his meme father, Doge.”“A new cryptocurrency created by Dogecoin enthusiasts and members of the internet community. The website continues, “Baby Doge tries to impress his father by demonstrating his new improved transaction speeds [and] adorableness.” Furthermore, according to the website:
[Baby doge] 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.
How Does Baby Doge Compare to the Dogefather and Sibling Shiba Inu?
Because holders of baby doge gain them simply by holding them, the dog meme token may be rather deflationary. The online page explains, “Watch the quantity of baby doge increase in your wallet as all holders automatically earn a 5% fee from every transaction that happens on the Baby Doge network.”
However, according to bscscan.com and other currency market cap aggregation sites, there are four hundred and twenty quadrillion baby doge in circulation. This is in stark contrast to the Bitcoin (BTC) network’s maximum supply of 21 million coins.
The coin is now worth $0.000000001910 per baby doge, which is less than a cent in the United States. It recently hit an all-time high (ATH) of $0.000000002014, and it’s only down 5% from there. It has a long way to go before it reaches the value of a US penny, just like the Shiba Inu (SHIB) coin.
At $0.00000839 per SHIB token, SHIB is significantly closer to baby doge than it is to baby doge. SHIB’s circulating supply is also significantly reduced, with just 497 trillion SHIB in circulation now.
Lower transaction fees are the one advantage that baby doge (BABY DOGE) has over its father dogecoin (DOGE) and brother shiba inu (SHIB). SHIB, for example, is an ERC20 token that must deal with Ethereum fees, but dogecoin costs over 2 DOGE to transmit since the average transaction fee on Thursday was about $0.491.
Users can pay as little as 1 gwei (an Ethereum gas measurement), or about 0.000000001 BNB, while transacting using BSC and baby doge. The tiny doge token has no fee information, however a transaction should cost less than a cent in the United States.