Elon Musk shares then deletes bizarre Warren Buffett crypto meme

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The Independent 06 July, 2021 - 05:00am 15 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?

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Before investing in Baby Dogecoin, here’s what you should know

These growing cryptocurrencies in July hold immense potential. We have

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Before investing in Baby Dogecoin, here’s what you should know about its performance in the cryptocurrency market.

Baby Doge is a new cryptocurrency and it has already witnessed the influence of Elon Musk. Elon Musk recently tweeted about Baby Doge and since then, its price has nearly doubled.

Baby Doge, is a spin-off of Dogecoin, the meme Cryptocurrency. Two weeks ago, baby Doge was a lesser-known cryptocurrency and now #babydoge is trending on Twitter, thanks to Elon Musk. Dogecoin has a symbol of the Shiba Inu dog on its tokens and this trend has picked up momentum with Shiba Inu being its own cryptocurrency and Baby Doge also using the same symbol.

Baby Doge, a month-old cryptocurrency, has a message on its website that says the credit goes to “fans and members of the Dogecoin online community” for developing it. Baby Doge works on the integrated smart staking system which means people can add more coins to the wallet with every single transaction. Compared to Dogecoin and Shiba Inu coins, Baby Doge has improved transaction speeds. With a market cap of around US$0.2 billion, which might not sound as huge as even Dogecoin and definitely not Bitcoin and Ethereum, but it is a great deal for a new cryptocurrency.

Considering the hype, Baby Doge seems like a worthy candidate. Baby Doge is one of those cryptocurrencies that incentivize investments by charging a transaction fee. Every time you trade Baby DogeCoin, a 10% fee will be levied. Out of that, 5% gets redistributed proportionally to every Baby Doge investor and 5% gets split to be used for a liquidity pool with Binance Coin on PancakeSwap. Basically, if you sell Baby DogeCoin, you lose 10% but if you hold it, you get rewarded.

Another aspect that needs to be kept in mind is the fact that Baby Doge has a large supply and a low price. The price is a small fraction of a penny, but it saw an increase of up to 1000% in the past weeks. According to this cryptocurrency’s whitepaper, Baby Doge aims to

Considering these goals and some ridiculous ones like giving away a Tesla when the market cap reaches US$250 million, and carving a Baby Doge on a mountain at a US$100 billion market cap, it’s okay to skip investing in Baby Doge as this seems like short-term hype. The cryptocurrency market is volatile, to begin with, and Baby Doge can ride another wave of the spike but beyond that, there is no practical usage of the coin, yet.

Going by the trend of how unpredicted the cryptocurrency market and Elon Musk is, nobody can assure what will happen to Baby Doge’s performance. It will surprise everyone if Baby Doge’s hype leads it to cross Dogecoin’s value in the coming months.

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Read full article at The Independent

Robinhood Profited Off Dogecoin in 2021. Now It's Worried About the Meme Cryptocurrency's Future

News18 06 July, 2021 - 10:25am

There may be more than Elon Musk, cryptocurrency enthusiasts and meme lovers involved. Robinhood app, the popular platform for cryptocurrency trading, in its S-1 filing publically revealed, that in the first three months of 2021, “34 percent of our cryptocurrency transaction-based revenue was attributable to transactions in Dogecoin.” At the same time, revenue from cryptocurrency transactions went from 4 percent for the last three months of 2020 to 12 percent of its total revenue in the first three months of 2021, reports The Verge.

“If demand for transactions in Dogecoin declines and is not replaced by new demand for other cryptocurrencies available for trading on our platform, our business, financial condition and results of operations could be adversely affected," reads the prospectus, according to Vice. “If the markets for Dogecoin deteriorate or if the price of Dogecoin declines, including as a result of factors such as negative perceptions of Dogecoin or the increased availability of Dogecoin on other cryptocurrency trading platforms," Vice further adds.

Robinhood does not solely depend on cryptocurrency transactions: The company burst into the public consciousness with the rise GameStop, and the Wall Street Bets subreddit early this year.

Dogecoin Could Be the Future of Cryptocurrency, Says Elon Musk, But Has a Warning

Dogecoin is Worth 10 Cents. Is Elon Musk's Favorite Meme Cryptocurrency the Next Bitcoin?

Can Dogecoin, however, survive? Elon Musk, Tesla CEO, SpaceX boss and Dogecoin advocate, in May, mentioned, that this cryptocurrency may be the future. In the interview, he says that “There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple," he said. He then explains the origins of how Dogecoin was invented as a joke, essentially to make fun of cryptocurrency, and that’s the irony, explains Musk. “That the currency that began as a joke, becomes the real currency." In the video, he does add that, “Don’t invest your life savings into cryptocurrency. That’s unwise."

Elon Musk has an Internet term coined after him: ‘The Musk Effect.’ With a single tweet, Musk could move markets. But Musk may be losing his way with his crypto stans. On July 2, Musk’s ‘Doge’ version of ‘Baby Shark’ witnessed a minor change in Dogecoin’s value, with 3% gains, but the overall value over 24 hours still remained in negative. A spin-off of Dogecoin, ‘Baby Doge,’ however, saw a more lasting impact. Crypto enthusiasts have also stopped enjoying Musk’s tweets since he announced that Tesla will no longer be accepting Bitcoin as a payment method. Over the weeks, the response to Musk’s tweets has become increasingly negative - with people blaming him solely for the rise or dip in prices, saying it cost them a loss and he’s ‘manipulating’ markets. Some took this a step further - by making a cryptocurrency solely dedicated to stopping Musk: $StopElon.

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Elon Musk Posts Warren Buffett Crypto Meme and Then Removes It from Twitter

U.Today 06 July, 2021 - 07:20am

Tesla chief executive Elon Musk continues to demonstrate his affection for memes. After the ones about Dogecoin and Skype that he published, the centibillionaire has posted a cryptocurrency meme with the legendary investor Warren Buffett and his fake quote on crypto.

However, later on Musk removed it from his Twitter profile. According to an article by The Independent, the tweet was shared over 7,000 times before Musk deleted it.

The meme carried an assumed quote from the head of Berkshire Hathaway which read:

“Find as many coins as you can. And fast!”

There was another meme linked to Buffett posted in the comment thread. Musk responded to that, referring to a California restaurant chain and mentioning “buffett” in his tweet.

Warren Buffett is a legendary investor who is known to be a rigorous Bitcoin critic. He believes BTC to be a bubble, a gamble rather than an investment. A few years ago, he referred to the flagship digital currency as “rat poison squared”.

Later on, the founder of the Tron blockchain Justin Sun won a chance to have lunch with him, paying over $4 million at a charity auction for it.

The event was postponed several times in the course of 2019 and finally took place in January 2020. Sun brought a bunch of other crypto influencers and heads of crypto companies along with him.

Among them was Charlie Lee, Yoni Assia, a Binance US rep, etc. CEO of Binance, CZ, politely rejected the invitation from Justin Sun.

In the course of that meeting, Sun presented Buffett with a smartphone that had some BTC, TRX and other crypto in a digital wallet.

Recently, U.Today reported that Buffett’s Berkshire Hathaway invested half a billion USD in Brazilian digital bank Nubank.

Nubank had recently acquired Easynvest brokerage company and together they plan to start offering Bitcoin ETF to their customers.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

Comparing Baby Doge, Dogecoin and Shiba Inu. Which is Better?

Analytics Insight 06 July, 2021 - 01:40am

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Baby Doge, doo, doo, doo, doo. If this tweet of Elon Musk is making you wonder and rack your brains, don’t worry, as this is a new cryptocurrency. Regarded as the offspring of popular Doge, Baby Doge is gaining a lot of traction. Nonetheless, meme-inspired coins are growing with initially Dogecoin entering the market, then Shiba Inu, and now Baby Doge. So are you confused about which coin you should invest in? Baby Doge, Dogecoin, or Shiba Inu? Let’s find out.

If we go by the website, Baby Doge is simply a coin meant for the fans and members of the Dogecoin online community. The website also states that it is proud to run with its father, which provides fairness and transparency to the community. This coin is based on an intelligent integrated system that enables you to add more money to your wallet with every transaction. What does this coin intend? “The objective is to impress my father by demonstrating my new increased transaction speed and cuteness” Voila, you have a new cryptocurrency – Baby Doge.

It is just a month-old cryptocurrency, founded at a price of US$0.000000000175. In just a month, the Baby Doge community had hit 200k holders. Currently, the market capitalization of Babe Doge is around US$304,458,000 and is highly supported by Elon, who also supports its father Dogecoin.

Baby Dogecoin already has a six-phase strategy in place. Having crossed 25,000 subscribers and a website overhaul, there were around 420 quadrillion tokens of Baby Dogecoin. Here, it owns complete ownership of when and how many tokens are burned.

For Baby Dogecoin, a 10% fee is levied when transacted. If you own Baby Dogecoin, you will get a bonus of 5%. From this 5%, half is kept with Baby Doge, and the other half is traded for Binance Coin. Therefore, users can trade between these two cryptos, serving as the liquidity pool.

The fee is charged when you sell your coins. If you hold it, you will get a commission from the sale price when someone sells it.

However, the supply of Baby Dogecoin is limited, unlike Dogecoin. The founders of Baby Doge say that the coin is hyper-deflationary, which means the supply of the coin contracts and does not expand.

If closely observed, Baby Doge has no practical use. Top and growing cryptocurrencies are ruling the crypto world as they serve a fundamental purpose. Hence, experts are quite uncertain about how long the hype will survive. Baby Doge’s price increased due to one tweet from Elon Musk. However, in the long run, it is difficult to predict the performance of this tweet-empowered coin.

On the other hand, Dogecoin is one of the top 10 cryptocurrencies as per market capitalization. In the initial months of 2021, Dogecoin soared in popularity and trading volume as well. Elon Musk too was accelerating the adoption of Dogecoin through its tweets, of course.

Dogecoin, however, functions on blockchain technology. Investors are looking forward to cryptocurrencies that are powered on blockchain technology as it leverages decentralized models. Here, it definitely has a practical usage compared to Baby Doge. Hence, Dogecoin is a great investment.

Shiba Inu was inspired by Dogecoin and is hosted on the Ethereum blockchain. However, don’t take this coin as a joke because it works as a part of the decentralized exchange website. The principal coin Shiba Inu token was hosted on Uniswap, which then rose by more than 300%, again thanks to Elon Musk’s tweet.

Shiba Inu again serves as practical usage, functioning on blockchain technology. Experts believe that Shiba Inu will grow because it is based on Ethereum, the second-largest cryptocurrency in the world.

Investing in Baby Dogecoin can be a risky affair as it is very soon to predict about the crypto that is steaming only due to tweets. Dogecoin and Shiba Inu both are better options to invest in as both show positive signs of growth in the future.

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