Baby Doge, a cryptocurrency created “by fans of the Doge Coin online community” that “seeks to impress his father by showing his new improved transaction speeds & adorableness” has seen its price recover from a slump ahead of its NASCAR debut.
The cryptocurrency’s NASCAR debut is this Saturday, July 10, as BABYDOGE’s branding will be featured on driver Brandon Brown’s No. 68 Chevrolet Camaro. The cryptocurrency, it’s worth noting, was launched June 1 on the Binance Smart Chain with a mission to save as many dogs as possible, according to its website.
In a statement, Brown said that that cryptocurrency has already donated almost $100,000 to help save dogs and is considered the “world’s first dog-charity cryptocurrency.” He said:
This weekend, we’re proud to welcome Baby Doge Coin aboard our No. 68 Chevrolet Camaro as the newest partner of Brandonbilt Motorsports
On Twitter, an account managed by its creators revealed it has nearly 400,000 holders. The cryptocurrency is “hyper-deflationary” as it is designed to become more scarce over time. Baby Doge holders receive more tokens automatically as every transaction on its network incurs a 10%, out of which 5% are distributed among token holders, and half being added to its liquidity.
Over 29% of the cryptocurrency’s supply has already been burned by the cryptocurrency’s creators, and a designated charity wallet receives part of these redistributions to then donate the funds and help save dogs.
According to PancakeSwap, in the last 24-hour period $13 million worth of BABYDOGE were traded and its price surged over 20% ahead of its NASCAR debut.
It’s worth noting the cryptocurrency’s supply started at 420 quadrillion tokens, which means well over 125 quadrillion have been burned so far. It’s only available to trade on the decentralized exchange PancakeSwap.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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