The Baby Dogecoin price has been in the spotlight recently after Elon Musk sent a tweet about it. The coin’s price has jumped sharply since it was started in June. Recently, it has dropped from its all-time high of $0.000000018 to the current <$0.0000001. According to Coin Market Cap, the coin has a market cap of more than $324 million and a fully diluted market cap of more than $2.7 billion. CoinGecko has not provided a market cap of the new coin.
To understand what Baby Dogecoin is, we need to understand what Dogecoin is. Dogecoin is a cryptocurrency project that was started as a joke in 2014. Today, the coin has become one of the best-known in the blockchain industry. It has also become one of the biggest ones as its market capitalization has jumped to more than $31 billion. It is the 6th biggest coin in the world.
Baby Dogecoin is described as a deflationary coin that is designed to become scarce with time. It was launched on June 1 and is currently listed by several well-known cryptcurrency marketplaces. While it describes itself as a son to Dogecoin, it is developed by a different team.
According to the developers, Baby Dogecoin will teach his father new skills, including faster transaction speeds. It also uses a smart staking system that rewards its holders. Indeed, holders will receive rewards for holding the coin. The coin also has a philanthropic part of it. The developers will donate to causes that are mostly involved in rescuing dogs.
The developers plan is to get listed by major exchanges, launch Baby Doge Swap, and offer credit card crypto payments on their website. They also plan to form a new religion when its market capitalization rises ri $500 billion.
It is relatively too early to predict the future of Baby Dogecoin price. Indeed, it is relatively difficult to do a technical analysis because of how scarce the data is. However, like I wrote when Shiba Inu came into the picture, the riskiest thing to do would be to short the coin.
While the coin is worthless from a fundamental perspective, shorting it is a bit riskier because there is a possibility that its price will soar as traders hunt for the next big thing.