The first time Dogecoin's only child 'Baby Doge coin' had a swing was when Elon Musk tweeted a medley about the crypto back in July. It was back then the meme coin surged up to +104.5% in its longest-ever jump gaining instant attention of investors especially those looking to trade in new cryptocurrencies.
And it seems in these four months, Baby Doge has proved that it has the potential to compete with meme coins such as Shiba Inu, Dogecoin, Safemoon, to name a few. According to Babe Doge Twitter handle, the crypto has reached almost 1 million holders as of November 16, 2021,
A massive number of investors is now backing the meme coin. CoinMarketCap suggests that Baby Doge is a hyper-deflatory token, which is an improved version of the Elon Musk backed Dogecoin introduced on December 6, 2013. However, its story is very much similar to the Shiba token. Though the coin has gained early popularity it could be volatile.
Looking at the trends, Shiba Inu's bull runs in October 2020 helped the meme coin gain popularity and the trust of investors. Now, it is one of the most discussed cryptocurrencies on social media. On the other hand, Dogecoin's only child, the Baby Doge on July 20, rose up to +725.00 per cent in 24 hours but it switched to a downtrend and dipped by -46.9 per cent on October 26 and rose up to +111.29 per cent on November 1, making it quite the unstable crypto coin.
Should Investors Add Baby Doge to Their Wallets?
Recently, the chief operating officer of the popular Robinhood crypto Christine Brown had expressed concern about volatile tokens. refusing to comment specifically on Shiba Inu, he said that the company isn't in a rush to add any new crypto coins or list volatile cryptos that could be dangerous to investors indirectly hinting the meme coin might be volatile.
While we could agree to disagree, it is for investors safety that one should do proper research before investing their hard-earned money into something that is volatile.
While the creators and staff of BabyDoge remain hidden like numerous other meme cryptocurrencies, the token's social media team is super active in marketing the crypto in relatively higher quality as compared to many other such tokens in the crypto market.
Hoo lists Baby Doge Coin on November 16
Baby Doge Coin is listed on the following exchange platforms
At the time of penning this article, Baby Doge Coin was priced at $0.000000003123, down by 0.42 per cent with a market cap - $834,354,299, according to CoinMarketCap.
The International Business Times advises investors/traders not to fall for any rumours and be well aware of the latest updates on cryptocurrencies.