Baby Doge: Dogecoin and SHIB rival pumping up – Is it the next big thing to invest?

• The baby doge token is the cryptocurrency on the dance floor getting all the hype and limelight. 
• With no real-world utility, the token keeps increasing on different occasions and also with the influence of key figures.

There is indeed time and season for everything as we see in the case of the baby doge coin which has been getting all the hype since it launched in 2021. Before its launch on the 1st of June last year it was another cryptocurrency on the lips of all and on the heart of a few investors. So, it is safe to say that it is time for the baby doge token to shine. 

To start with, the crypto asset popped 1,000 percent within the first two weeks of its launch. By the third week, it had a market cap of $200 million and it did not end there. Baby Doge boasted 160,000 holders of the coin in the fourth week of unveiling. The alarming momentum has raised questions and suspicion among investors who query if the token is here for the long haul or just a quick pump project. 

The Baby Doge Coin

Baby doge coin was created by the dogecoin community and it “seeks to impress his father by showing his new improved transaction speeds and adorableness.” The team noted on the token website that it has made more than $750,000 in donations. Beneficiaries of the donations include The Humane Society, ASPCA, the North Shore Animal League, Paws with Cause, and other charities that focus on dogs.

Its creators designed it to become scarce over time as a hyper-deflationary token. Holders receive extra coins in their wallets each time they make a transaction and some coins are sent to the decentralized exchange PancakeSwap as part of a liquidity pair. 

Many believe that baby doge has some unique features compared to rival cryptocurrencies. Currently, there are 115.114 quadrillions, of baby doge, in circulation and it has burned 1 quadrillion coins worth $1.3 million as of August 1st.

While it has a maximum supply of 420 quadrillion coins, dogecoin has no theoretical supply limit. One thing is sure- baby doge has a loyal community that is helping the cryptocurrency’s growth.

At press time, it is trading up 3.46 percent to $0.000000001164. With a market capitalization of nearly $135 million, baby doge has jumped 7.15 percent in its 24-hour trading volume. 

Just as its father dogecoin surged, Tesla’s CEO also influenced the rise of the baby doge coin. The billionaire posted a tweet that mentioned the crypto in July 2021:

“Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”

The coin influenced buyers’ behavior as it did earlier in the year when they started purchasing Dogecoin. About 24 hours after Musk’s tweet, the baby doge coin had grown 228.3 percent. The crypto asset has soared on many other occasions, including during its first birthday.