What is it? Should you invest? How to buy Baby Doge in India, price, and more

A few months back Tesla CEO Elon Musk tweeted about Dogecoin and its popularity went through the roof. The value of the cryptocurrency reached new levels, forcing everyone to take notice and do something about it. Fast forward to July 1st, Musk again tweeted, and this time it was about Baby Doge. Just one tweet was good enough to push the value of Baby Doge up by 80 percent. From a relatively unknown digital currency, Baby Doge became the talk of the town, all thanks to Elon Musk. From investing in Baby Doge to its price in India, here’s everything you need to know about the cryptocurrency.

Also read: Cryptocurrency trading: Countries where Bitcoin and other cryptocurrencies are banned/ illegal

What is Baby Doge?

As you might have figured, Baby Doge is a reprised version of DogeCoin cryptocurrency. It is just a month old in the market, and before Elon Musk’s tweet, its growth was questionable, especially when there are so many crypto assets around in the market these days. But just like how DogeCoin took off, Musk’s random tweet on Baby Doge was enough to propel the cryptocurrency to double its value in quick time.

Baby Doge symbol is a younger Shiba Inu dog that is used on the tokens as well. It also carries a social message of saving the dogs with partners like Paws with Cause. Baby Doge promises 5 percent of each transaction is added to the liquidity. And 5 percent of each transaction is shared with the holders of the token. Its current market value (as per this website) is $0.5 billion because it is early days for crypto right now.

Why is it popular?

Baby Doge was just another cryptocurrency, looking to build its network and popularity in the circuit. But out of nowhere, the digital currency got strong backing from Elon Musk, CEO of Tesla in form of one tweet. “Baby Doge, doo, doo, doo, doo, doo,” he tweeted, as a reference to the well-known kids’ song “Baby Shark.” And that was enough for Baby Doge to see its value move. #babydoge trended a few days after that.

Should you invest in Baby Doge?

The foundation behind Baby Doge claims to be offering high rewards for early investors and appealing plans for the future, which includes giving away a Tesla when its market value reaches $250 million. But charging a 10 percent fee for every transaction kind of becomes a downer for most investors, especially those who don’t plan to stick for a long time. Additionally, the Baby Doge is said to have no practical use. It could ride another wave of popularity, which may lead to its prices going up, but that’s all. The Baby Doge is not considered an ideal cryptocurrency for long term profitability by many at the moment.

How to buy Baby Doge in India

For those in India, Baby DogeCoin can be bought from crypto exchanges like WazirX, BitBns and other options like Binance. It allows you to deposit money using UPI apps like Google Play and PhonePe. However, for withdrawing money, the exchange has limited its option to bank transfer.

Read more: Top 5 cryptocurrency exchange apps in India for online trading of Bitcoin, Ethereum, and more

Baby DogeCoin is available through PancakeSwap which is Binance’s decentralised exchange. Here, you can trade in Baby DogeCoin, exchange it with other digital currencies and keep track of your liquidity in the pocket. To use PancakeSwap you need Binance Coin (BNB) tokens in the crypto wallet. Connect the wallet to the PancakeSwap website here, and trade the digital currency at your will.

Baby DogeCoin price in INR

Baby DogeCoin price in INR for today is Rs 0.000000277210.