BabyDoge is a new memecoin that is trying to be the best in class. This coin draws a lot of inspiration from the Dogecoin and is trying to be better in all the major aspects such as transaction speed and costs. From its inception, the marketing hype around it is absolutely huge and it is listed on major exchanges as well.
While slippage is a main issue, you should not indulge with it unless you know the entire scenario. We are not talking just about things that are covered in white-paper, instead we are going to be focusing on the merits and demerits of the project.
Of course, if you are late to the party, you might miss out on gains. However, if you get involved with anything without knowing the intricacies, the consequences are always going to be deadly. This year, memecoins have taken the central stage.
Nonetheless, do not let media hype or influencer suggestions steer you away from seeing the truth. If you are interested in buying this token, the following paragraphs will serve as a practical guide.
What is BabyDoge Coin?
In simple words, BabyDoge is just another protocol designed on the Binance smart chain. Initially, it had a 400 plus quadrillion supply. However, thanks to the burning mechanics, 40% of the supply is destroyed forever.
The ideology behind the token is to make it a deflationary asset which is theoretically supposed to inflate price over time. Transaction fees are also on the higher side and just like few latest coins, this one also redistributes 5% to the holders. At the macro level, it is easy to understand the narrative.
After analyzing every aspect, one thing is clear, this one regardless of what it claims to be, it isn’t something that is entirely unique. The value of the coin might go up, but it does not have strong pointers that are going to make it sustainable.
Community
Meme coins usually have a strong community. Call it hype of blind trust, one cannot deny the fact that creating buzz is important for tokens like this one, right? BabyDoge has a solid following.
According to latest figures, this project has almost 500,000 followers on Twitter and over 180,000 followers on Telegram. On social media platforms, people do mention them a lot and for the time being, things do look bright for them.
While the community might appear strong, keep in mind that it doesn’t necessarily guarantee success. So, do your own research and before purchasing talk to a licensed financial planner.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Tokenomics
In the world of cryptocurrencies, everything comes down to tokenomics. If the fundamentals are flawed, then regardless of the narrative, chances of the price going up is slim.
As a general rule, you should look for deflationary models that have a solid reputation and transparent team. Thanks to the blockchain technology, it is easy to find out how many whales are present in the token you are interested in.
Ideally, look for the new projects that are underpriced and regardless of how good it sounds, do not invest the amount that you cannot afford to lose. BabyDoge tokenomics shares only two aspects and they are listed below.
- 5% of transaction fee goes to liquidity pools
- 5% of transaction fee goes to Holders
Charitability
Charitability is always a noble thing. People behind this project have set up a charity wallet and their aim is to help needy dogs. If you are a dog parent, then chances are you will adore their efforts.
Our only problem with their claims is that there is nothing verifiable. Without seeing first hand information, we are not inclined towards giving them the benefit of the doubt. Handling funds is an important task and transparency should be present.
For any reason, if the things are not made public, then it does pay to be a critic. After all, you cannot take anyone’s word for it nowadays, right?
Where can you buy BabyDoge?
As end clients, you should always look for secure and reputable exchanges to buy cryptocurrencies. Remember, regulations are loose in this niche and you need to be careful while buying or selling digital assets.
Thankfully, BabyDoge can be purchased via all the reputable channels such as Pancake Swap, Gate.io and OKEx. Note that depending on the volume you want to purchase, things like verifying the account might be necessary.
Slippage is also a main issue with new coins like this one. We suggest you start small and get familiarized with the system. Once you are comfortable, you can scale things up and take bigger risks as you see fit.
Is BabyDoge a Scam?
BabyDoge is not a scam. However, there are many aspects of this cryptocurrency that can be categorized as uncertain or shady. For example, the developer community is not known to the public.
The exact way charities are handled is also not explained. Lastly, this coin too hasn’t got anything that gives them an unique edge over the competitors.
We strongly urge you to be careful if you decide to get involved with them. The gains meme coins make might look good, but it also has a flip side and the risk is unimaginable to say the least.
Verdict
BabyDoge Coin is trying it’s best to break into the practicality aspect. They are working with top firms and are getting a solid push from social media platforms. Their phases and goals are outlined.
Sadly, none of the things done by them guarantees success. So, be risk conservative and more importantly, have an exit plan ahead of time.
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