Facts to know about Baby doge coin price prediction before investing – Baby doge coin has been anointed by Elon Musk to lead the charge into the second coming of meme-coinmenia which took the crypto space by storm early 2021 when the Tesla owner fell in love with dogecoin, many other knock-offs were launched such as safemoon and Shiba Inu among over hundreds others.
But as the Bull market turned bearish since May, memecoins took a big hit and many went into extinction. The latest tweet by Elon Musk about baby doge coin have sort of re-ignited the fact that the crypto community is not yet done with memecoins.
What is baby doge coin all about?
Baby doge coin was launched about 25 days ago, it is an auto staking token on Binance smart chain which collects a 5% tax on all transactions and redistribute to existing holders, the tokenomics encourages traders to hold. What this means is that for you to make any gain from the token, 5% of your initial capital will be taken as tax when buying on pancakeswap, and another 5% will also be taken as tax when selling therefore a total of atleast 10% increase in baby doge coin price is needed to break even. Unlike dogecoin with infinite supply of tokens, baby doge coin have a limited supply.
Read also: How Nigerian traders can join crypto airdrops and giveaways
What is baby dogecoin price prediction?
Baby doge coin have increased in value by about 3483% with a current marketcap of $0.5B according to information obtained from their website, what this means is that early investors who invested $1,000 have now doubled their money 35 times which could value $35,000 right now!
One of the criticism against this type of token is that it rewards early investors more than new and incoming investors and because of that many have likened baby dogecoin to Ponzi schemes where existing holders need new buyers to make profit, so the price prediction for baby doge coin depends on how many new holders it have and also how many early holders have sold and taken profit.
Considering the current market trend since May this year where we see deeps during weekends or at any point, if the trend continues baby dogecoin may not increase in price steadily like dogecoin did early this year; except we have another bullish season in the crypto market, baby doge may go the way of other memcoins like safemoon and shiba inu who have since lost over 50% of their value from their all-time high.
Is it wise to buy now and where can you buy baby dogecoin?
Investing and trading cryptocurrencies is a high risk venture because there are a lot of moving parts, factors like market sentiments and hype are never a constant factor; it is always wise to invest what you can afford to lose.
Should you make up your mind to buy baby dogecoin you will have to trade on pancakeswap, xt.com or MEXC global, these are the only three exchanges the token is currently trading, more exchanges may be added in future?
Conclusion
Kindly not that this article is for information purposes only, it should not be taken as a financial advice, cryptocurrency trading is a highly volatile venture and extreme caution should be applied!
This post was last modified on August 3, 2021 8:30 PM