By Gabriel Negrín
We all know the potential impact of memes on the internet. And the crypto ecosystem is not immune to it. The best example of this is Dogecoin, widely considered one of the world’s biggest cryptocurrencies, regardless of whether some consider it a joke.
Now there’s news that this father of all jokes has had a son. Doge became a father with the birth of Baby Doge.
What Is Baby Dogecoin?
“If you like Doge then you’ll fall in love with Baby Dogecoin.” Or that’s what they claim on their website.
Baby Dogecoin (BABYDOGE) is a new cryptocurrency created by members of the doge community. Like father, like son — it is based on the well-known Dogecoin. It even uses the same mascot, a Shiba Inu dog — but now as a puppy.
It launched in June 2021 — bad timing for the market in general. But after all, it has managed to get around 368.000 holders in over a month of trading.
But, how is it different from Doge or any other meme coin?
The Tokenomics and Science Behind BABYDOGE
Just like they say on their website — the puppy knows some extra tricks.
While it has an absurd max supply (we’re talking 420,000,000,000,000,000,000,000,000 BABYDOGE), the token itself is deflationary.That is, it operates under a sort of bounty system.
With each transaction, there is a 10% commission. 5% is burned, and the remaining 5% is distributed among the token holders. In other words, each person who holds BABYDOGE benefits by simply holding it.
And it’s not just the fact that it’s deflationary, they also have a real plan to change someone’s life. They, in fact, have partnered with Paws with Cause, an agency that works with dozens of animal shelters in the United States.
Soooooo, Is Elon Behind BABYDOGE?
Anything related to DOGE cannot be complete without the Dogefather‘s blessing.
We know Elon is powerful… and that he gets a rush out of a good meme. That’s why he decided to revive the almost extinct baby shark meme. But this time, he sang “Baby Doge, doo, doo, doo, doo, doo, doo, doo.”
Following his tweet, the price of BABYDOGE rose 22%.
Not bad, right?
Well, it is difficult to have a well-formed opinion on such a recent token. While the intentions are good, the question becomes is it a joke or not? This is the debate that many will continue to have.
Yet, everything seems to be on the right track for BABYDOGE. They recently burned 3 quadrillion coins and have many more plans for the future. And only the future will tell us what will happen to DOGE’s son.