Doge Killer and Shiba Inu: The Top Trending Coins in USA Last Week

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CryptoPotato 05 July, 2021 - 05:19am 29 views

What is baby Doge Crypto?

Baby Doge Coin is a cryptocurrency, that's based on another cryptocurrency, that's based on a meme. It was created by fans and members of the Dogecoin community. ... Part of Baby Doge Coin's mission is helping rescue dogs in need. On June 24, it announced that it donated $75,000 to a nonprofit called PawsWithCause. Motley FoolShould You (or Anyone) Buy Baby Doge Coin?

Where can I get baby Dogecoin?

It's available on PancakeSwap -- but not any major crypto exchanges. For anyone who wants to get Baby Doge Coin, PancakeSwap is the recommended platform. PancakeSwap is one of the bigger decentralized exchanges (sites where users contribute and trade crypto). To use PancakeSwap, you need to connect a crypto wallet. Motley Fool7 Things to Know Before You Buy Baby Doge Coin

Should You (or Anyone) Buy Baby Doge Coin?

Nasdaq 05 July, 2021 - 09:32am

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by Lyle Daly | July 4, 2021

After launching on June 1, Baby Doge Coin has been picking up fans and new buyers quickly. The price went up by over 1,000% in about two weeks. It had a market cap of $200 million in three weeks and over 160,000 holders in four.

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Baby Doge Coin is a cryptocurrency, that's based on another cryptocurrency, that's based on a meme.

It was created by fans and members of the Dogecoin community. Dogecoin, which was on fire to start the year, is a cryptocurrency that started in 2013 and was based on a popular meme. In addition to being newer, Baby Doge Coin is also over 10-times faster when it comes to transaction processing times.

Besides the name, there's nothing connecting Baby Doge Coin and Dogecoin. It's likely that the name choice was just a way to get attention.

Part of Baby Doge Coin's mission is helping rescue dogs in need. On June 24, it announced that it donated $75,000 to a nonprofit called PawsWithCause.

Baby Doge Coin is one of the many new cryptocurrencies that incentivize holding on to it by charging a transaction fee. Any time you trade Baby Doge Coin, there's a 10% fee. Here's what happens to that:

In a nutshell, if you sell Baby Doge Coin, you lose 10%. If you keep it, you get rewarded with a portion of the fee everyone else pays when selling. This is becoming a popular trend. Here are a few other cryptos that do the exact same thing:

It's a gimmick that has been done before. And after some initial success, those three cryptocurrencies suffered large price drops. That pattern doesn't bode well for Baby Doge Coin.

Another thing that Baby Doge Coin has in common with other new cryptos is a very large supply and a low price.

It began with 420 quadrillion tokens. The developers are manually burning (destroying) tokens, and they've done this with over 125 quadrillion to date.

The price is where it gets a bit hard to follow, because it's only worth a small fraction of a penny. Here are a few of Baby Doge Coin's ups and downs since it launched, based on data from CoinGecko:

The Baby Doge Coin whitepaper and roadmap outline quite the mix of goals. To start, here are a few of the more serious ones:

It's also worth mentioning a few of the more extravagant and silly plans:

Considering some of those goals, this isn't a cryptocurrency you should take completely seriously.

Buying Baby Doge Coin isn't recommended. There's nothing that makes it stand out as a cryptocurrency, and there are several worrisome red flags.

It starts with the name. The only reason to name a cryptocurrency "Baby Doge Coin" is to piggyback on Dogecoin's popularity. Would the developers have chosen a name like this if the crypto was good enough to stand out on its own merits?

The roadmap doesn't seem entirely serious, with those plans to carve a Baby Doge in a mountain and start a religion. This is a memecoin, so the silly nature is understandable. But most investors would think twice about putting money in a company that treated its business plan as a joke. Baby Doge Coin doesn't get a pass just because it's a cryptocurrency.

Cryptocurrency is unpredictable, and Baby Doge Coin could ride another wave of popularity to a higher price. Or the hype train could fizzle out like it has for the other cryptocurrencies just like this one. If you want to invest in crypto, it's better to look for projects with more long-term potential.

To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and get started on your crypto journey, today.

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Crypto community had enough of the 'Elon Musk effect' phenomenon | Cryptopolitan

Cryptopolitan 05 July, 2021 - 09:32am

Elon Musk, Tesla CEO and SpaceX founder, marked a milestone in this new year. The magnate was a key player in increasing Bitcoin, Dogecoin, and other cryptocurrencies. However, that power has disappeared, and the “Elon Musk effect” is left in the past.

The billionaire was a Bitcoin and dogecoin volatility driver after he announced his Bitcoin-Tesla investment. Musk invested $1.5 billion in Bitcoin while praising the Dogecoin potential. This was a key sign that the magnate was confident in the cryptocurrency market running since 2008.

Although Musk boosted the all-time high that Bitcoin reached through May, the crypto community thinks he has lost credibility. Musk has lost influence over the most suitable cryptocurrencies such as Bitcoin or Dogecoin in the second half of the year.

On Thursday, Musk tweeted “Release the Doge!” followed by a movie-inspired meme of “The Godfather.” The cryptocurrency increased his capital slightly, but not to the level he had done in the past.

The crypto community does not forget how Elon Musk increased the Dogecoin price by 20 percent with a tweet. Before the crypto crash, this event happened in May, where Musk asked his followers if they wanted Tesla to accept Dogecoin. It is to be remembered that Musk accepts Bitcoins as a means of payment to buy any of his vehicles at Tesla.

Musk recently tweeted an image of a man on his laptop laser focusing on Dogecoin. The crypto community took this tweet supporting Dogecoin and the Polytopia game seen on the laptop screen. However, this did not affect the cryptocurrency trading below 24 cents today.

GlobalBlock sales trader Alexandra Clark thinks that the crypto community no longer listens to or reads Musk’s tweets. Finally, the active virtual currency community sees that Musk’s speculations are harmful. This occurs because Musk made Bitcoin lose value by refusing to accept it as payment and changing his mind.

However, some investors in the crypto community still trust Musk as a Dogecoin driver. Several of his fans accumulate Dogecoin with the crypto application Robinhood. For the first quarter of the year, the crypto platform had revenue of 34 percent in Dogecoin purchases.

 With the cryptographic market stability, Bitcoin recovers, trading above $34,000. But Shiba Inu maintains a $0.00000862, and Dogecoin recovers 3 percent of its price.

Elon Musk has lost his effect on the market, although he could regain ground. The billionaire plans to meet with the Twitter CEO in the coming weeks to discuss Bitcoin. This, essentially, will determine if it still influences cryptocurrencies.

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

Copyright © 2020 Cryptopolitan.

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