Meme coins have been the rage in 2021. Several meme coins have been launched since Dogecoin made its debut on exchanges. These assets try to mimic the gains offered by Dogecoin itself, and they’ve had varying levels of success.
Baby Dogecoin has shown the typical characteristics of meme coins – big gains in a single day, then retreating to stabilize for a while. With the asset’s recent performance, investors are understandably looking to see whether BABYDOGE is the hottest meme coin stock right now. Below, we’ll look into the coin and what it offers:
Baby Dogecoin: Vying for the Meme Coin Crown
With the explosion of cryptocurrencies in 2021, several coins have been launched to take advantage of the craze. Many of these coins have some use, while others tend to just rely on growing hype. Baby Dogecoin is one of the latter.
Baby Dogecoin is a meme coin that was launched earlier this year. The asset’s developers aren’t exactly known, but they credit the “fans and members of the Dogecoin online community” for creating it. The asset’s description on CoinMarketCap also reads that BABYDOGE offers better transaction speeds to the original DOGE, while it is also hy[per-deflationary – a contrast to the original coin.
They didn’t lie. BABYDOGE started with 420 quadrillion tokens, and its developers have burned over 125 quadrillions to date.
Within a month of its launch, BABY DOGE had gotten a market cap of $200 million and reached over 160,000 holders. Its profile also grew when Tesla CEO Elon Musk appeared to reference it in one of his many crypto-related tweets.
Besides the jokes, BABYDOGE has some interesting economics. For instance, whenever you trade the coin, you pay a 10 percent fee. Half of that is redistributed proportionally to everyone holding the asset. In contrast, the other half is split and used for a liquidity pool with BBAYDOGE and Binance Coin (BNB) on PancakeSwap.
Essentially, everyone who sells gets to pay a fee, while holders are regularly rewarded for holding the coin.
Given that BABYDOGE is just a spinoff of the original Dogecoin, many would recommend that you don’t take it seriously. However, like Dogecoin, BABYDOGE seems to be catching on well. The only issue is that it has yet to show the top exchanges that it is worth listing. For now, BABYDOGE is only available on a few exchanges.
BABYDOGE: Price Movements in 2021
Tracking data for BABYDOGE was only available from August, so there’s not much to see here. Baby Dogecoin was launched at $0.00000000208, and its price has only dropped since then. Over the past month, BABYDOGE’s price has dropped from $0.000000001665 to its current price of $0.00000000105, its current price. This is a drop of 36.9 percent.
It is worth noting that Baby Dogecoin isn’t all doom and gloom. The asset’s current price jumped 44.78 percent in the past day, and up 68.2 percent in the past week. So, investors who got in a week ago – or even a day ago – would have gotten gains.
BABYDOGE: Technical and Fundamental Analysis
Since tracking data for BABYDOGE isn’t so comprehensive, there is a lot to still know about the coin. Its technicals are quite strong, with the coin currently well above its 20-day moving average (MA) of $0.000000000920. The MA is getting much closer, but BABYDOGE isn’t in much of a danger of losing its perch above that line.
Since it’s a new coin, BABYDOGE doesn’t yet have much information to check out its relative strength index (RSI). So, we can’t say how investor sentiment is for now.
For now, the BABYDOGE developers appear ready to grow its adoption by introducing a new range of products. According to reports, the developers will be launching a crypto wallet, an app, and a debit card for seamless payments. It is unclear who they plan to partner with to get these products out, but we will have to wait and see.