After Dogecoin, Elon Musk has put yet another meme cryptocurrency in the spotlight- Baby Doge- after it garnered more than 27k tweets. The chief of Tesla has apparently decided to take a break from tweeting about Mars- leading to an increased focus on cryptocurrency which has resulted in Baby Doge which is a play on the Baby Shark song.
It can be mentioned without a shred of doubt that the CEO of PayPal quite enjoys engaging with the community of cryptocurrencies, which has led investors to hope that his attention towards this particular cryptocurrency would generate enough traffic to drive the price to the moon. As of now, the cryptocurrency has seen its value increase by 80% over the last 24 hours. This has all culminated in Elon Musk being christened “Dogefather”.
Coin Burn for Baby Doge
Currently, Baby Doge is just about a month old- as stated by the social media account of the crypto project. The team of this cryptocurrency has mentioned that they are growing at quite an impressive pace of around 195k holders at any time- with an additional user number of 25k at the time of Musk’s tweet. There is quite an interesting difference between Dogecoin and this cryptocurrency.
The earlier, much-enlarged cryptocurrency is, quite frankly, infinite in number. On the other hand, the fledgling cryptocurrency is quite deflationary- where it values the scarcity of its tokens. Also, there is a coin burn which has been scheduled for today- where close to 3 quadrillion coins would be burnt.
It is quite easy to understand that Baby Doge is simply a sequel to the much popularized Dogecoin. The current version is said to be much faster, and hyper-deflationary. The staking system involved in the newer version is going to help users- where the holders will automatically receive a fee of 5% from every single transaction.