What Is Baby Doge Coin (BabyDoge)?

Baby Doge Coin (BabyDoge) seeks to be a purpose-driven decentralized meme project. A meme coin defines a project that is inspired by online or social media jokes, influencers, and events. However, Baby Doge aims to work on a genuine purpose to rescue dogs in need, as well as to push crypto acceptance into the mainstream. Additionally, the project aims to introduce concepts such as rewards, non-fungible tokens (NFTs), decentralized exchanges (DEXs), and credit cards for crypto payment on its website. 

Baby Doge Coin is a fun collectible token system based on the Binance Smart Chain. Binance Smart Chain (BSC) was created as a way to use Solidity-based smart contracts at a significantly better and more efficient rate than other competing chains. Baby Doge Coin, which uses BSC, seeks to deliver a better five-second block time and lower gas expenses.

According to the whitepaper, Baby Doge aims to provide the following offerings to users:

• Card Pay: The credit card for payments aims to feature exchange and trading cryptocurrencies for users. Moreover, the project seeks to employ TextBit technology in the card to allow users to text BabyDoge to anybody in the globe using a phone number.

• Paw Wallet: Baby Doge’s paw wallet seeks to let users monitor their rewards from reflections, coin valuation, wallet balance, and other information.

• NFTs: Through an NFT marketplace, Baby Doge aims to allow users to create, auction, and trade their own NFTs while donating a percentage of the proceeds to help preserve dogs.

• Merchandise Store: The store aims to enable token holders to actively support the meme project in the real world, with revenues benefiting the initiative and helping dogs in need.

• Swaps: The platform aims to enable decentralized token swaps on the website.

Represented by BabyDoge, the platform’s token is deflationary, M]meaning the tokens are burned to make it more scarce to increase value for users. The token primarily aims to reward holders by holding the token as reflections. Holders receive a 5% fee for each transaction in the Baby Doge network. This static reward implies that customers earn more Baby Doge simply by keeping it in their wallets. In addition, 5% of all transaction fees are contributed to liquidity.

History of Baby Doge Coin (BabyDoge)

Baby Doge Coin was launched on June 1, 2021. The platform reports a total supply of 420 quadrillion BabyDoge tokens, out of which, 125 quadrillion tokens were burnt.

The platform states that Baby Doge Coin partners and lists with platforms like CoinPayments.net, Shopify, WooCommerce, Magento, and others to integrate a coin payment plugin and accept BabyDoge token as a payment option.

How Are New Baby Doge Coins Created & Staked?

According to the platform’s whitepaper, Baby Doge has three simple functions, namely, reflection, liquidity provider (LP) acquisition, and burn. Each trade incurs a 10% fee, which is split two ways. Firstly, 5% of the fee is redistributed to the token holders as rewards. The redistribution is a static reflection that rewards holders that aim to automatically transfer new BabyDoge coins to users’ wallets with each transaction. 

Secondly, the other 5% of the fee is divided in half, with one half being transferred by the contract into BNB. The other half is paired with BNB and placed as a liquidity pair on PancakeSwap. PancakeSwap is a BSC-based decentralized exchange for exchanging BEP-20 tokens. Users can obtain liquidity provider (LP) tokens in exchange for trading against liquidity pools. Further, they can regain their share as well as a fraction of the trading costs by using those tokens. In simple terms, users add liquidity and earn rewards.