Want to jump to the answer? You’ll need a Binance account to buy Baby Doge!
Elon’s been tweeting about cryptocurrency again, but instead of Dogecoin or CumRocket, he’s now shilling Baby Doge Coin. Baby Doge Coin is a token on Binance Smart Chain that has no real world use case, nor does it have any clear advantages over other cryptocurrencies with wider adoption. Besides cuteness, of course. But then again, Shiba Inu and Dogecoin are pretty cute, too.
What is Baby Doge Coin?
Baby Doge Coin is a 10 week old cryptocurrency on the Binance Smart Chain. The project has gained popularity for its “cuteness” instead of underlying technology. There’s nothing innovative about Baby Doge, so if you’re investing for the tech, this may not be for you.
As a frictionless yield farming protocol, 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 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 blocktime 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 blocktime that is consistently under 15 seconds.
How to Buy Baby Doge Coin
- Open a Binance Account
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/
ChainID: 56
Symbol: BNB
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 exchange, and then you can buy Baby Doge by swapping your Binance tokens on the platform.
- Altcoin Trading
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.
Get Notified
Unlike the stock market, the cryptocurrency market doesn’t close. Crypto trades 24 hours a day, 7 days a week, 365 days a year. If you don’t want to constantly monitor the crypto markets, then you should consider using Crypto Pro. Crypto Pro is a portfolio tracker, and it can send you notifications when there are major spikes in volatility. You can adjust these notifications, so you’ll only get notified on price movements that are relevant to your portfolio. Plus, the app is completely free to use!
- No or Low Fees
Earn Crypto With BlockFi
BlockFi offers loans without approval by requiring cryptocurrencies like Bitcoin as collateral. As long as you pay back the loan, you will be able to reclaim your crypto. This is perfect for crypto holders who strongly believe their token of choice will perform well because they can use the cash from the loan while still having the exposure they want.
Some BlockFi users use the loan to buy more cryptocurrency to leverage their position even more, although this can be risky for volatile assets. Users with lower risk tolerance on BlockFi may instead choose to simply keep their assets in BlockFi’s high interest bearing accounts to earn 5% to 10% interest. If any of BlockFi’s services are for you, check it out and set up an account to start earning!
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.
Want to keep learning about cryptocurrency, DeFi and blockchain? Checkout the brand new Benzinga Crypto YouTube Channel!