Is BabyDoge Top Dog When It Comes to Memecoins?
Baby Doge Coin, a deflationary memecoin which bills itself as the “world’s best community coin,” is set to launch its own automated market maker (AMM).
With that in mind, Be[In]Crypto took a closer look at the self-proclaimed son of Doge to discover what is going on in the world of dog-themed altcoins.
What is Baby Doge?
BabyDoge markets itself as the son of Doge, piggybacking on the everlasting popularity of Dogecoin and Elon Musk’s fervor for Shiba Inu pooches. To boost its doggy credentials, BabyDoge claims to have paid $750,000 to dog charities since its inception.
BabyDoge emerged as one of the big players during dog season, an altcoin boom of dog-themed memecoins which was one of the sillier and funnier degen trader trends of 2021.
The coin employs the same transaction tax mechanism popularized by projects such as SafeMoon, among others. Transactions taxes can come in all sorts of exotic shapes, sizes and flavors, but BabyDoge is one of the memecoins that mercifully keeps things relatively simple.
In the case of BDC a 10% tax is applied to each transaction, 5% of that tax goes to the BabyDoge liquidity pool. The other 5% is distributed to token holders.
Having existed solely as a memecoin since birth, the creators of BabyDoge are now seeking to add real utility to the ecosystem with BabyDoge Swap. It’s a concept that other memecoins have tried before, but the proof lies in the delivery.
If BabyDoge can create a worthwhile coin swap with real utility and sound liquidity, the benefits could be huge, but Baby Doge Swap is a low grade effort that turns out to be nothing more than a code fork with baby doge labels, it will naturally perform less well.
There is a massive opportunity here, but as always, the devil lies in the details.
The AMM launches on Oct. 5.
BabyDoge price has struggled this year
BabyDoge performed well during the last bull run, but has found the market much tougher during most of 2022. Since its all-time high of $0.000000006345 on Jan. 16, price has fallen by 81.9% to $0.000000001144.
That’s a significant capitulation in anyone’s books. On the positive side, the coin remains up over 100% on its price from this time last year, and its short term performance remains steady, if not spectacular.
Is BabyDoge real?
One of the major issues that faces memecoin investors is trying to determine how strong any given community is. The problem is that a lot can be done to spoof the size of Telegram channels, Twitter followers and even transaction volumes.
So while a community may seem strong and active at first glance, all of that activity may be an illusion.
One metric which can be measured is the number of “real” and “fake” Twitter followers a project has. According to TwitterAudit, Baby Doge scores a healthy auditing score percentage of 97%. This would tend to suggest that more of its followers are organic rather than bots.
Naturally, this is only one indicator among many whether Baby Doge Coin’s popularity and community figures can be taken at face value. As always, the key with meme tokens is to have fun, and do your own research (DYOR).
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