Coin Healthcheck: BabyDoge Coin (BABYDOGE)

BabyDoge Coin (BABYDOGE) is another Shiba Inu dog-inspired meme token that has the mission to bring cryptocurrency adoption to the mainstream and also to help rescue dogs in need.  

Launched in June 2021, the meme token has ambitious plans to expand into the NFT and GameFi sectors.

The token massively rallied amidst the crypto market drop in the very beginning of  2022. 

State of Project:

BabyDoge is a deflationary utility token that charges 10% of the fee on every on-chain transaction. Its holders are automatically rewarded with a 5% fee from each transaction. Another part (5%) goes to providing liquidity for Pancake Swap. 

BabyDoge Coin runs on the Binance Smart Chain (BSC).

Because of BSC capabilities, BabyDoge supports cheaper and higher-speed (5 seconds per block) transactions compared to Ethereum-based DogeCoin (1 minute per block)

BabyDoge Coin is a community-driven project that does not have owners, shareholders, marketers, or any other governing body.

The memecoin project has one of the fastest-growing communities in the crypto space. It attracted over 250K holders and surpassed a $500M market capitalization within three weeks after launch. 

BabyDoge has no connection with the original DogeCoin, except the memecoin concept and name similarities.

Website and Whitepaper:

The Whitepaper presents the project’s values, ecosystem, roadmap, and tokenomics.

BabyDoge publishes an audit document of its website. The logo there, however, does not seem to match with the original one from BABTDOGE.

The website publishes another token audit document that links to the competitor project with the same BabyDoge. The problem is, the audited BabyDoge token runs on Ethereum.

Development Stage:

Presents itself as one of the first memecoins that accepted credit card payments and enabled direct token swaps on their website.

Launched a charity wallet, which receives redistributions and uses them to support the project’s charity partners.

More than 41% of BabyDoge’s supply is burnt.

Roadmap:

BabyDoge Coin has plans for launching an NFT marketplace, NFT collection, and NFT game. The project’s bridging with other blockchains is foreseen as well. 

No timelines settled for implementation of future development.

Partnerships:

Partner with CoinPayments.net payment processor that allows merchants to accept BABYDOGE. 

Fundraising:

No official data available.

Team:

Founders and initiators of the BabyDoge Coin are anonymous. The official website claims that the BabyDoge project is fully run by the community.

Community:

Social media accounts: Twitter (812k), Telegram (235.9k), Instagram (240k), Facebook (298k), Discord (2.2k), Reddit (9.4k).

Regular posts, highly active communities.

Key Metrics:

Token standard: BEP-20

Max supply: 420 quadrillion 

Circulating supply: 268 quadrillion

Market Cap: $1.5 billion 

Exchange listings:

Listed on 14 cryptocurrency exchanges (see the full list).

Comes in trading pairs with USDT, BUSD, WETH, and TRX.

Wallets:

Compatible with Trust Wallet, Metamask.

Asset allocation:

Consistent growth of wallet addresses. Nearly 1.3 million BABYDOGE holders at the time of publishing.

Price movements:

All-time high (ATH): $0.000000006345 (Jan 16, 2022)

All-time Low (ATL):  $0.000000000095 (Jun 9, 2021)

Verdict:

• BABYDOGE is a low-value memecoin, mainly driven by Elon Musk-powered social media hype and massive communities. It’s a highly speculative asset with no practical or distinctive usage behind it. 
• Holder incentivizing with a 5% fee return is the idea already used by many other coins of the same deflationary nature. The unique thing here is BabyDoge’s token supply, which remains enormously high even after BABYDOGE token burns.
• The anonymous team, vague roadmap, and confusing audit documents raise questions and red flags. 
• BabyDoge Coin (BABYDOGE) is listed on various cryptocurrency trading platforms, including decentralized exchanges Uniswap and Pancake Swap. It lacks, however, exposure on the biggest and most prominent trading platforms, which could act as a potential boost for a coin’s price growth.
• Huge community is the biggest strength of the BabyDoge project, meaning that it may generate big enough volume to swing the price high enough when the moment comes.