Baby Doge Coin – The Son of Doge?

Only created and launched this year, BabyDoge aims to be the successor of his “father” Doge, but with a twist. Everyone likes pets, and the creators of BabyDoge are no different. Offering a 5% transaction liquidity and the same being redistributed to all holders is not all they do, though. The creators also donate money to animal shelters in the USA through Paws with cause and Furkids animal rescue and shelters.

Even though they are pretty new contenders in the crypto world, they have already caught Elon Musk’s attention. A Tweet on July 1st, 2021 played on the words of baby shark, with a simple tweet:

Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge

Of course, that sparked a lot of interest in the coin. So much so, in fact, that the total volume, according to CoinGecko, rose from $17,701,240 to a colossal $164,850,848 in three days.

A Gift and a Curse

There are so many people that look to Elon Musk for confirmation of cryptocurrencies to buy, waiting for his Tweets, that anyone would think that his input was only good. However, Julian Sawyer, CEO of Bitstamp, the first global crypto exchange, told Financial Times London:

“Fundamentally you have to look at the basics, which is why we only want to list those assets that have some substance behind them, some liquidity,”

“The issue is that if you go to some that are hyped up by a billionaire’s tweet, or crashes on a billionaire’s tweet, we don’t think that’s right. We’re here to protect your money in your investments.”

That has set doubt in the minds of some people, but his point is correct: There should never be such volatility caused by a single person, especially in the financial realm.

The First of Many?

There are so many tokens that try to ride the waves of others’ successes that Sawyer may be the first of many to take this stand against coins with such influence.

It is pretty clear to see why people should not look into these coins as much as others, though. After the huge rise in July, the price of the coin has dropped so much that currently, the price of one token is only approximately five times higher than when launched.

What Does Baby Doge Actually Offer?

All coins and tokens should offer something of value, such as use cases. However, a simple look for the use cases of BabyDoge will reveal something that you may think is strange. Their only use appears to be charity donations to dog shelters.

While we believe that is a great use case, their website touts that $95,000+ has already been donated. However, with the highest total market cap of nearly $165 million, $95,000 seems relatively insignificant.

Of course, we do not know where the rest of the money has gone, and they do state that there is more to come. However, with the uncertainty of Elon’s Tweets, those dreams of philanthropy could shatter at any moment.

Cryptocurrency news enthusiast with a passion for writing and providing information to people.

Write A Comment