Baby Dogecoin, a meme-inspired cryptocurrency, has been the subject of speculation as to whether it is a scam or not. Its website is well-designed and secure, and the token is marketed as a hyper deflationary with a static reflection that rewards holders. The website claims that Baby Dogecoin has learned from its “father” Dogecoin, and is planning to release a native application for iOS and Android, which could encourage mass adoption. However, its whitepaper provides little information, and the fact that the developers are anonymous is a cause for concern. Nevertheless, the token has received successful audits and has a sizable following.
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Is Baby Dogecoin a Scam? Unveiling the Truth
Introduction
From the exceptional rise of Dogecoin, many similar crypto tokens emerged all over the world with similar names. These tokens have brought a wide range of new crypto traders in the community, but not all are legitimate. There are some defectors who joined the crypto bandwagon with the sole aim of pumping and dumping, leaving investors empty-handed. In this article, we will be discussing whether Baby Dogecoin is a scam or not.
Website Review
Baby Dogecoin’s website is professionally put together and carries a professional touch. The website is SSL secure and optimized for different viewports. The website does not emit pump and dump energy, and from that standpoint, it is safe.
Token Analysis
Baby Dogecoin claims to be a hyper deflationary and reflection token. These terms imply that the total circulating supply of tokens decreases until it reaches a predetermined level, stopping the market from being flooded with too many tokens. Reflection rewards token holders by taxing transactions and redistributing a percentage of the tax charge to token holders.
Whitepaper Analysis
Baby Dogecoin’s white paper provides little information in the 14-page downloadable PDF. However, the token charges a 10% fee on each deal, which is split two ways. As a reward for holding the token, 5% is allocated to all existing holders, and the remaining 5% is split 50/50 with half of the tokens sold via the contract into BNB and the other half automatically paired with BNB and introduced as a liquidity pair on PancakeSwap.
Conclusion
Baby Dogecoin seems to be a legitimate meme coin with a sizable following. However, it is concerning that the developers are undoxed. Nevertheless, this is a norm in the market with many meme token creators staying anonymous. Overall, Baby Dogecoin may not be the most trustworthy token, but it is not a scam either. Investors must always do their due diligence and research before investing in any crypto token.
