Elon’s been tweeting about cryptocurrency again, but instead of Dogecoin or CumRocket, he’s now shilling Baby DogeCoin. Baby DogeCoin is a token on Binance Smart Chain that has no real-world use case, nor does it have any clear advantages over another cryptocurrency. Besides cuteness, of course.
What is Baby DogeCoin?
Baby DogeCoin is a 3-week old cryptocurrency on the Binance Smart Chain. The project has gained popularity for its “cuteness” instead of the underlying technology. There’s nothing innovative about Baby Doge, so if you’re investing in the tech, this may not be for you.
As a frictionless yield farming protocol, Baby Doge is nothing short of a pyramid scheme. Every time a user makes a transaction with Baby Doge, they’re charged a 10% transaction fee. This fee is redistributed to token holders, and the biggest investors get the largest portion of these rewards. So, as time goes on, the rich get richer, and those at the bottom of the pyramid scheme make pennies from this “smart staking system”.
1 (and possibly the only) thing that is good about Baby Doge is its focus on charity. Baby Doge donates to Paws With a Cause, a charity focused on helping sheltered dogs.
Brief History of Baby Doge
Baby Doge is an extremely new cryptocurrency that operates on the Binance Smart Chain. The team behind Baby Doge isn’t shown on its website, which may be a concern for investors who want to know the team they’re investing in. However, Baby Doge isn’t an investment, it’s a gamble. Make sure to only gamble with money you’re willing to lose.
What’s more, the Baby Doge website outright lies to its investors about the capabilities of its competitors, Shiba Inu and Dogecoin. The token boasts a block time of 5 seconds while claiming that Shiba Inu has a block time of 10-15 days. This couldn’t be farther from the truth: Shiba Inu runs on the Ethereum blockchain, which has a block time that is consistently under 15 seconds.
How to Buy Baby DogeCoin
- Open a Binance Account
Still, want to gamble on Baby Doge? Since the token is on the Binance Smart Chain, you’ll need to open a Binance account to get started. While Baby Doge isn’t listed on any centralized exchanges, you can buy it on PancakeSwap, Binance’s DEX.
Before using PancakeSwap, you’ll need BNB tokens in your crypto wallet. Follow the steps below to set up your crypto wallet to use PancakeSwap. Once it’s set up, you’ll be ready for the next time Elon Musk tweets about the next up-and-coming shitcoin.
- Download Trust Wallet or MetaMask
After receiving BNB tokens on Binance, you’ll need to send them to a crypto wallet that can connect to PancakeSwap. The easiest crypto wallet to use with PancakeSwap is MetaMask, as it has a Google Chrome extension that makes it easy to interact with the exchange.
Upon opening MetaMask for the 1st time, it’ll be set to Ethereum Mainnet as default. Since PancakeSwap is on the Binance Smart Chain network, you’ll need to add this network to your MetaMask wallet. To do so, you’ll need to click “custom network” and add this information:
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
- Make Your Purchase
Once your wallet is set up, buying crypto on PancakeSwap is a relatively simple process. Go to PancakeSwap.finance and connect your wallet to the website. After your wallet is connected, go to the exchange, and then you can buy Baby Doge by swapping your Binance tokens on the platform.
Exchanges for Binance Coin (BNB)
As mentioned, you’ll need Binance Coin to use PancakeSwap. The only place to buy Binance Coin is Binance Exchange, so you’ll need to make an account with Binance to get started. Binance is the world’s largest cryptocurrency exchange, so you can rest easy knowing your funds are held securely.
Is Baby Doge a Good Investment?
While I don’t know where the price of Baby Doge is headed, it’s by no means a fundamentally good investment. The token is nothing more than a glorified pyramid scheme. This being said, it now has the support of Elon Musk, and if Musk continues to tweet about Baby Doge, then it’s likely the price will continue to rise. If you plan on buying Baby Doge, you should treat it as a gamble, not an investment.