Elon Musk is Sending Baby Doge to Space – Floki is Going to Need a New Friend to Play With

Just when you thought the doggy-themed crypto craze was over, Elon Musk is back on Twitter sending small cap meme coins to space. This morning, it’s Baby Doge Coin.

Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge

— Elon Musk (@elonmusk) July 1, 2021

Baby Doge Coin is a new crypto currency created by the Dogecoin community. According to the website, “Baby Doge Coin has learned a few new tricks and lessons from his meme father, Doge… Baby Doge seeks to impress his father by showing his new and improved transaction speeds and adorableness.”

See Also: How to Buy Baby Doge on PancakeSwap

From a technological perspective, Baby Doge Coin does absolutely nothing special. Just like a thousand other Binance Smart Chain shitcoins, Baby Doge transactions redistribute 10% of the total amount to holders of the token. 

This effectively creates a pyramid scheme where the earliest and biggest bag holders receive the largest amount of the fees and make the most passive income. 

Newcomers looking to get in on this cute source of passive income earn the smallest amount of the redistribution fees, and slowly bleed as the biggest wallets sell off their profits. 

Cryptocurrencies with redistribution fees are all too common these days and provide no real value proposition over the long term.

The only way to make money on a token like this is to get in early – typically before Elon Musk tweets about it.