Is Baby Doge a Good Investment?
Could Baby Doge be the next Dogecoin? Here's the new meme coin's price prediction.
June 25 2021, Published 8:46 a.m. ET
Forget Elon Musk’s beloved Dogecoin (DOGE) and its rival Shiba Inu (SHIB) coin—there's a new dog-themed crypto on the market: Baby Doge. It has a rapidly expanding fan base, and its price is soaring. What’s Baby Doge's price prediction, and will it go up more?
Baby Doge, a spinoff of Dogecoin, was launched by Dogecoin fans. Unlike Shiba, Baby Doge isn’t out to beat Dogecoin, but complement it.
The team behind Baby Doge says it will impress its "father," Dogecoin, by showing its faster transaction speed. As the new coin is built on the Binance Smart Chain, transactions process faster and cost less than for DOGE.
How many Baby Doge coins are there?
Baby Doge, a hyperinflationary meme crypto, has a current total supply of 420,000 trillion tokens. Like Dogecoin, it has no supply cap. The Baby Doge team will undertake token burns to control inflation.
What’s Baby Doge price prediction, and will the price go up?
Although Dogecoin started as a joke, it turned into a serious investment for some people. Baby Doge is similar but offers additional features that could appeal to many investors, such as a token burn to combat inflation and the ability to generate passive income through staking. The more people buy Baby Doge, the more its price will rise—as shown in its recent performance.
Is Baby Doge a good investment? Can it make you rich?
As Baby Doge is still a crypto newborn, there's little performance data about it. It's worth noting, however, that its model, Dogecoin, has seen lifetime gains of 45,000 percent. Also, if you had invested in Baby Doge a day ago, you’d have nearly doubled your money by now. An investment in Dogecoin over the same period would have returned a minimal 8 percent.
What's made Dogecoin a huge success despite its start as a joke is its robust community and acceptance by businesses as a form of payment. The community has used the meme crypto to do good in the world, including raising money for a Jamaican team to compete in the Olympics.
As Dogecoin’s popularity grows, many businesses have been excited to accept it as a payment, further bolstering the crypto’s value. Also, DOGE has benefited from growing support by exchanges and brokers, including Robinhood and eToro. If the community that has fueled Dogecoin fully throws its weight behind Baby Doge, there's a chance Baby Doge could be a good investment.