BabyDoge (BABYDOGE) is a spin-off of the popular Dogecoin coin and has gained a significant number of followers on social media platforms like Twitter and Reddit.
Poloniex, a popular cryptocurrency exchange, announced adding a new token to its platform – Baby Doge (BABYDOGE). Listing this token on the exchange will give traders access to a new investment opportunity and should create a buzz among the crypto community.
According to the announcement, users can start depositing BABYDOGE on the platform from February 17 at 05:00 (UTC). Trading for BABYDOGE/USDT will start two hours later at 07:00 (UTC). The exchange did not provide any information on the initial price of the token or the total supply that will be available for trading.
Launched in 2021 with a total supply of 420 quadrillion tokens, Baby Doge has already generated a lot of buzz due to its unique features. One of the main features of BABYDOGE is the 10% commission that applies to each transaction. These fees are split among all existing Baby Doge Coin holders and are also used to provide liquidity for trading.
The token was popularized by Elon Musk, who changed the lyrics to “Baby Shark” to refer to the Dogecoin branch, although he did not recognize the coin itself. The tweet propelled the price of BabyDoge higher in July 2021 and helped differentiate the token from other copycats that emerged following the Dogecoin rally. BabyDoge’s market capitalization is $621 million, according to CoinGecko, and the token is traded on multiple exchanges, including OK, MEXC Global, and Gate.io.
As a BEP-20 token built on the Binance Smart Chain, Baby Doge claims to offer fast and efficient processing, with low gas fees and processing times as short as five seconds. A unique feature of the BABYDOGE protocol is that nearly 43% of the initial token supply has been burned, with additional monthly burns to manage the supply.
Earlier in February, the team of developers behind BabyDoge launched a burning portal. Through the portal, the dev team will burn five tokens for each community burned through April 1, potentially making the deflationary token rarer.