The meme continues. Dogecoin fans recently created a new cryptocurrency called Baby Doge Coin — a play off of the Dogecoin cryptocurrency.
What is Baby Doge Coin?
So Baby Doge Coin is essentially another version of Dogecoin. It’s a low-value, meme-based cryptocurrency that has been drumming up some social media hype.
The Baby Doge Coin website explained that the cryptocurrency has learned some things from the Dogecoin era.
- “Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness,” the Baby Doge Coin website explained. “He is Hyper-deflationary with an integrated smart staking system built in to reward you, so more baby doge coins are being automatically added to your wallet each transaction. Simply Love, pet, and watch your baby doge grow.”
How much is Baby Doge Coin worth?
Per Benzinga, a single Baby Doge coin was once worth somewhere around $0.0000000003950. In May, the same coin was worth $0.0000000000018.
- Here’s the thing, though — that $0.0000000000018 came after a 21,844% increase. And the $0.0000000003950 value came after a 1,213% gain per day, according to Benzinga, which covers cryptocurrency news.
The cryptocurrency appears to be dipping. According to Benzinga, the coin’s price is 42% down from its all-time high, being worth about $0.0000000002785.
What to know if you invest
Per Yahoo Finance, investing in cryptocurrencies — especially some like Dogecoin and Baby Doge Coin — can be risky.
- “The way that cryptocurrency is generated, distributed, validated and accounted for is completely foreign even to most tech-savvy investors,” according to Yahoo Finance.
- And “crypto is still a highly experimental niche concept that the vast majority of people know almost nothing about and are nowhere near adopting,” per Yahoo Finance.
- “If you’re just recently hearing about Dogecoin, it’s probably best to invest time in research before you invest a single dollar in an imaginary coin adorned with a picture of a smiling dog,” Yahoo Finance reports.