What is Baby Doge and How to Buy Baby Doge ?

What is Baby Doge and How to Buy Baby Doge ?

Baby Doge is the new budge in crypto enthusiasts ever since Tesla CEO Elon Musk has tweeted about it.So what is Baby Doge and How to Buy Baby Doge ? Dont Worry in this article we will answer all your questions, Stay Tuned and read further.

 

What is Baby Doge?

Baby Doge happens to be an 1 month old cryptocurrency which has been listed on Binance Smart Chain.The Total concept of Baby Doge is based on the famous Shiba Inu Dog, on which Dogecoin and Shiba Inu gained popularity earlier.The project has gained popularity for its “cuteness” instead of underlying technology. There’s nothing innovative about Baby Doge, so if you are someone who is looking for long term investment or someone who invests in serious tech, this one is a miss for you.

Also Read : 30 Top Cryptocurrency Terms You Should know in 2021

Baby Doge Scheme ?

Baby Doge is more of a pyramid scheme than a great tech investment. Every time a user makes a transaction with Baby Doge, they’re charged a 10% transaction fee. This fee is redistributed to token holders, and the biggest or earliest investors get the largest portion of these rewards. So, as time goes on, the rich get richer, and those at the bottom of the pyramid scheme make pennies from this “smart staking system”.

Baby Doge Tokenomics (image Courtesy : babydogecoin.com)

The best thing about Baby Doge coin is the focus on charity. Baby Doge donates to “Paws With a Cause”, a charity focused on helping sheltered dogs.

Paws with a Cause

 

More than 200,000 people purchased Baby Doge in the first month it was available, according to a Twitter account run by the coin’s creators. People who purchased Baby Doge on the first day it was available have reaped returns of about 500 percent, according to CoinGecko.

The Baby Doge Elon Musk Tweet 

How to Buy Baby Doge

  1. Open a Binance Account

    The token is listed on Binance Smart Chain, you’ll need to first open a Binance account to get started. While Baby Doge isn’t listed on any centralised exchanges, you can buy it on PancakeSwap, Binance’s DEX.

    Before using PancakeSwap, you’ll need BNB tokens in your crypto wallet. Follow the steps below to set up your crypto wallet to use PancakeSwap.

  2. Download Trust Wallet or MetaMask

    After receiving BNB tokens on Binance, you’ll send them to a crypto wallet that can connect to PancakeSwap. The easiest crypto wallet to use with PancakeSwap is MetaMask.

    The Metamask Wallet has Ethereum Mainnet set as default. Since PancakeSwap is on the Binance Smart Chain network, you’ll need to click “custom network” and add this information:

    Network Name: Binance Smart Chain
    New RPC URL: https://bsc-dataseed.binance.org/
    ChainID: 56
    Symbol: BNB
    Block Explorer URL: https://bscscan.com

  3. Make Your Purchase

    Once your wallet is set up, buying crypto on PancakeSwap is a relatively simple process. Go to PancakeSwap.finance and connect your wallet to the website. After your wallet is connected, go to exchange, and then you can buy Baby Doge by swapping your Binance tokens on the platform.

Is Baby Doge Coin Good Investment ?

Even though Elon Musk has boosted the price of Baby Doge, it should not be taken too seriously, considering its still an meme coin with no tech attached to it for its growth. Even Musk’s tweet didn’t receive a positive response and a lot of crypto investors criticised the Tesla chief for manipulating the crypto market.

Although you can invest small amounts in it and invest only the money you can afford to loose.Good luck with Baby Doge Coin.Do let us know if you like the article, Leave your feedback and suggestions.

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this websites does not constitute investment advice, financial advice or trading advice. innoGriti does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments.

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