Baby Doge Coin memcoin (BABYDOGE)

Many enterprising users did not stay away from the success of the first memcoin and began to breed a lot of copycat tokens, most of which remained unnoticed. However, some of them have already managed to get their share of fame; one example is the Baby Doge Coin token, which will be discussed in this article.

What is Baby Doge Coin?

Baby Doge Coin (BABYDOGE) is a token created on the Binance Smart Chain blockchain (now BNB Smart Chain) in accordance with the BEP-20 standard. Unlike the most popular Dogecoin memcoin, Baby Doge Coin does not have its blockchain, like most similar tokens, but operates based on an existing Layer-1 or L1 network.

The BABYDOGE token is set to launch in July 2021. The creators chose to remain anonymous and did not reveal the identity of the Baby Doge Coin developers.

Most of such cryptocurrencies are so-called shitcoins, i.e. coins or tokens that have no value and were created solely for the sake of enriching the creator. Indeed, many, even well-known, memcoins, such as Shiba Inu, were initially made without any ambitious plans but caused a resonance in the crypto community, which encouraged the developers to continue working on the project.

What is the speciality of the Baby Doge Coin?

The calling card of BABYDOGE was a commission of 10% when exchanging tokens. For example, if you want to sell 1,000,000,000,000 BABYDOGE, you will pay 100,000,000 tokens from this amount only as a commission.

However, that's not all: Half of the commission amount is distributed among all BABYDOGE token holders, and the other half is used to increase liquidity and maintain trading stability. Thus, each user simply needs to hold their tokens in their wallet to receive income from traders.

This model incentivises investors to hold the asset for as long as possible - this approach is known in the crypto space as HODL, which stands for "Hold On for Dear Life" or "hold at any cost". Note that Baby Doge Coin is not the first project to offer such a model. Two months before the launch of Baby Doge Coin, a token with similar mechanics to Kasobu was released, and some crypto-enthusiasts consider BABYDOGE to be its clone. However, this has not stopped Baby Doge Coin from becoming one of the top favourites of crypto users among memcoins.

The security of Baby Doge Coin is provided by the BNB Smart Chain blockchain itself, but note that each token has a separate smart contract that a team can fully control.

The BABYDOGE token's smart contract has undergone a security audit by CertiK, one of the most renowned companies in this field, but it does not have the highest score - only 71 out of 100. One of the main problems noted by the researchers is centralisation: the team controls the smart contract, which means it can perform any actions with the cryptocurrency, including issuing an unlimited number of BABYDOGE. If this happens, such an event could have disastrous consequences for Baby Doge Coin investors. The implication is that users must trust the team if they want to buy and store this memcoin.

Ecosystem

Baby Doge Coin is not just another memcoin. It has its ecosystem, which, moreover, is actively developing. BABYDOGE has even been mentioned several times by Elon Musk himself. The Baby Doge Coin ecosystem includes a decentralized exchange (DEX) called BabyDogeSwap. Crypto users can become liquidity providers on this DEX exchange and also participate in farming, receiving extra LP tokens provided to providers.

The BabyDogeSwap website even has an inbuilt artificial intelligence (AI) based tool to generate images and convert them into NFTs. With this tool, any user can effortlessly release their own NFT collection in a few minutes and then sell the tokens on some marketplace like OpenSea.

The project team has also released their own Baby Doge Army NFT collections, Baby Doge Card prepaid cards and even a chess game called Baby Doge Chess. In addition, the team participates in charity events and even set a world record for the most donated pet food in 24 hours!

The number of partners is equally impressive, including Ethereum, BNB Chain, OKX, Uniswap, Trust Wallet, Bitkeep, Debank, DeFi Llama, Math Wallet, DEX Tools, and many others.

BABYDOGE Token

Unlike another popular memcoin, Shiba Inu, issued on the Ethereum blockchain (ERC-20), Baby Doge Coin is issued on the Binance Smart Chain (BEP-20). But its main difference, particularly from its "parent" Dogecoin, is that Baby Doge Coin is a hyper-deflationary token.

By its nature, Dogecoin is an inflationary cryptocurrency: new coins are regularly released into circulation, the number of which is unlimited. The Baby Doge Coin cryptocurrency has a deflationary model: a large enough portion of tokens are actively burned, making the token increasingly limited in value in the long run. This hyper-deflationary model ensures that the token's price will rise as long as its demand remains strong.

At the time of writing, the BABYDOGE token was trading at $0.000000001237. This small price is due to the sheer number of tokens in existence: the total issuance circulating on the market is 205,843,930,057,057,186,430 BABYDOGE. While the number seems very large, it is less than half of the original tokens issued, which totalled 420,000,000,000,000,000 BABYDOGE.

While the price may seem small, it has increased more than a thousand times since listing in 2021, when BABYDOGE was trading at less than $0.000000000001. The Baby Doge Coin rate peaked in January 2022 at $0.000000006227. Since then, the price has dropped to almost the current price and has been in a narrow corridor or, as traders say, "flat" for a long time.

Baby Doge Coin token can be found on well-known exchanges, such as ByBit, OKX, HTC (formerly Huobi), KuCoin and Bitget, and many other lesser-known exchanges. However, it is more advisable to buy the token on decentralized exchanges PancakeSwap or BabySwap, as after the purchase, BABYDOGE will appear immediately in your wallet, and you will receive income simply for storing the cryptocurrency.

Baby Doge Coin performance and outlook

Baby Doge Coin can be classified as a social project, meaning community is one of the main driving factors here. Therefore, when evaluating memcoins and similar projects, social activity is the first thing to look at.

Baby Doge Coin's profile has 2 million followers on X (formerly Twitter). Even Ethereum has more followers at only 1.1 million, although it has existed since 2014. For now, however, Baby Doge Coin's profile is far behind leading memcoins Dogecoin and Shiba Inu, which have just under 4 million followers.

It is not yet known what next steps the team plans to take to develop the project, and an updated roadmap has yet to be released. Some crypto community members have criticized the Baby Doge Coin team for the fact that the roadmap contains more speculation about memcoins and the popularity of memes than the actual plans and goals of the project. We can't say that the cryptocurrency has made much progress over the past year, although many tokens have increased in value since the start of 2023. Despite this, we can see that Baby Doge Coin's community continues to grow, and perhaps the cryptocurrency will remain one of the favourites in the future.