What is Baby Doge? What to know about the ‘son of dogecoin’ cryptocurr

Yesterday Elon Musk did his factor and tweeted one more tweet about cryptocurrencies, which you’ll be able to see under.

The tweet helped to ship the Baby Doge cryptocurrency up 5%. However you would be forgiven for by no means having heard of Baby Doge earlier than. So simply what is this new cryptocurrency? Right here’s what you want to know.

  • What is Baby Doge? It’s one more meme cryptocurrency whose homeowners are hoping to get wealthy from in a single day.
  • Is Baby Doge associated to Dogecoin? In title solely. Baby Doge payments itself as the “Son of Doge.” In different phrases, it’s hoping to profit from the hype dogecoin as garnered this 12 months. As the coin’s official web site explains, “Baby Doge Coin has discovered a number of tips and classes from his meme father, Doge. A brand new crypto birthed by followers & members of the Doge Coin on-line group. Baby Doge seeks to impress his father by exhibiting his new improved transaction speeds & adorableness. He is Hyper-deflationary with an built-in good staking system inbuilt to reward you, so extra child doge cash are being mechanically added to your pockets every transaction.”
  • What is Baby Doge’s ticker? DOGEUSD.
  • Why was Elon Musk hyping Baby Doge? Who is aware of. However there’s additionally an opportunity he may not have been, and as a substitute, his tweet might have been referencing dogecoin. As MarketWatch points out, Musk might have been parodying the infuriating youngsters’s track “Baby Shark” by changing “shark” with “doge.”
  • Ought to I purchase Baby Doge? Provided that you wouldn’t thoughts dropping every little thing. Like so many cryptocurrencies, Baby Doge is only a speculative digital asset that has no robust underlying fundamentals. Most cryptocurrencies rise as a result of individuals purchase them hoping others will proceed to purchase them they usually can dump their share earlier than everybody does the identical. That’s why with any cryptocurrency you must solely make investments what you may afford to lose.