Creating real blockchain utilities and meeting its targets could help Baby Doge Coin grow in value in 2022.
Baby Doge Beginnings
Baby Doge Coin joined the memecoin family on June 1. Founded by Christian Campisi – also known as BabyDogeFather, the coin took its name from the father of memecoins – the Doge, but boasts of surpassing Doge in cuteness and transaction speed. Baby Doge calls itself the acclaimed son of Doge, though it clearly states on its Twitter handle that it is not in any way affiliated with Dogecoin.
From a relatively quiet launch, Baby Doge has raced off the tracks to become arguably one of crypto’s top memecoins. What factors led to Baby Doge Coin’s enigmatic growth, and how did the coin fare in 2021?
In this review, we take a close look at Baby Doge Coin and the themes that highlighted its impressive run in 2021.
- Pioneer of Baby Memecoins
Baby Doge takes the credit for being the first baby-themed memecoin to appear on the market. Not long after it, we started seeing others – the majority of which were copycats who tried to leverage the strong momentum and acceptance that Baby Doge found with the crypto community.
- The Elon Musk Effect
The Elon Musk Effect refers to how the brand and personality of the world’s richest man rubs off on anything he identifies with, including crypto. He has strong followership that tends to buy into anything he positively talks about. You wouldn’t be wrong if you call him a crypto influencer – and a powerful one at that.
On July 1, a tweet by Elon Musk about Baby Doge was the catalyst that triggered a spike in the price of the token.
The effect has long worn off, as Elon has not spoken about Baby Doge since then. However, the project continues to covet Elon’s attention, constantly tagging him in tweets.
- Lover of Dogs
Dog welfare is a core part of Baby Doge Coin’s philosophy. The platform has a dedicated charity wallet that receives a portion of transaction fees.
Baby Doge made several donations to animal welfare causes in 2021. The donations include $100,000 to Best Friends Animal Society, $150,000 to Animal League, and $75,000 to Paws With Cause, among others.
- Paris Fashion Show
One moment in 2021 that got the Baby Doge community buzzing was the picture of the wife of the President of France – Miss Macron posing with a custom-made Baby Doge shoe at Paris Fashion week. The shoes were made by Italian shoe designer Antonio Vietri who claims the record of making the world’s most expensive shoes. The Baby Doge shoes are indeed a sight to behold.
Odds in its favour
Perhaps one of the most significant reasons why Baby Doge has been going strong is its massive community. The memecoin has 667,000 Twitter followers, over 190,000 Telegram group members, and more than 1,000,000 holders as of the time of writing.
No cryptocurrency will have much worth without a vibrant user-community giving it momentum. Baby Doge’s community has been ever-energetic in this regard.
Odds Against It
- Massive Supply
The outrageous total supply of Baby Doge Coin could give off an impression of an unserious project. Baby Doge started with a total supply of 420 Quadrillions.
To get a good perspective on the total supply, consider this: Assume that the population of the world is 10 billion. Baby Doge’s total supply meant that each human could have at least 40,000,000 BDC when Baby Doge was born! It does not make economic sense to have such a colossal supply, and the token may have a hard time sustaining long-term value.
Though manual and automated burns have reduced the total supply to about 247 Quadrillions, the balance still defies logic.
- Roadmap Not Met
Much of Baby Doge’s activities have centred on meme characteristics. We saw a lot of influencer/social activities involving Baby Doge but had a hard time finding any real blockchain or DeFi utility.
On September 5, Baby Doge announced that it would issue a debit card and develop a wallet, mobile app, exchange etc. As of the close of the year, however, the team was not able to launch any of the said products.
The failure of a project to meet its roadmap can discourage the community. One would hope that Baby Doge would get better at this in 2022.
People who invested early in Baby Doge have made some decent profits. According to Coingecko, the value of the coin a few days after launch was $0.000000000095. As of press time, the price of 1 BabyDoge token is $0.000000002957 which represents a return on investment (ROI) of about 2889.2% for those fortunate to get in early.
Three days after Elon Musk’s sensational tweet, the price of the token reached an all-time high value of $0.000000005890 on July 4.
It would seem that Baby Doge still has some potential to grow in value, but I believe that the Baby Doge team needs to create utility beyond charity, and perhaps work toward addressing the gigantic supply.
The official Twitter account of Baby Doge Coin ended 2021 with tweets about BabyDoge trending on Twitter across different countries. But the question is, why is it trending? Because of the absence of perceivable blockchain utility, the only plausible reason that comes to mind is that the massive community is what is propping it up.
The year 2022 will certainly be one that will define BabyDoge’s public perception. Beyond looking to climb on the shoulders of Elon Musk and other influencers, Baby Doge Coin needs to create meaningful blockchain utilities to keep pace with the competition. If the year 2022 runs out without us seeing products that will bring useful utility to the platform, then BabyDoge may just be the perfect definition of a memecoin: all hype but no real substance.
Source: BSC News
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.