Of course, with the popularity of Dogecoin (CCC:DOGE-USD), we have seen what seem like an infinite number of copycat meme coins looking for similar rapid growth. Recently, we’ve seen Baby Doge (CCC:BABYDOGE-USD), a sort of Scrappy Doo, miniaturized sidekick of Dogecoin. And now, with Elon Musk pumping the Baby Doge crypto, it appears investors want to know where to get their hands on it.
Baby Doge came about just a few weeks ago. The playful token, according to its website, states that it is the product of Dogecoin fans and community members.
The goal for the token is to “impress his father by showing his new improved transaction speeds & adorableness.” To cut to the chase, it’s a yield-farming token. It’s not really the same as Dogecoin, it’s more like Shiba Inu (CCC:SHIB-USD), with a limited token supply and staking rewards.
Investors Seek Out Baby Doge Crypto After Elon Musk Pump
Since its inception, the Baby Doge crypto has caught the eye of Elon Musk. Musk is historically bullish on meme currencies, being one of the earlier sponsors of the Doge Army. The SpaceX CEO often pumps the coin as well as other altcoins, whether intentional or inadvertent. In fact, he tried to pump both DOGE and Baby Doge today with a pair of tweets.
Musk’s DOGE-pumping ability may have fallen off slightly, with the token gaining only 1% since the tweet. However, his new targeting of Baby Doge is leading to huge growth.
After Musk’s Baby Doge post, the token immediately soared. It is currently up 87%, according to CoinMarketCap. Unfortunately, the token’s value is still too low for CoinMarketCap to calculate, and its market capitalization is unknown. That’s not stopping buyers, as trading volume of the token is rocketing over 200% above the daily average.
Those looking to buy their own Baby Doge should turn their attention to decentralized exchanges, or DEXs. There are two DEXs from which one can buy their Baby Doge. PancakeSwap (CCC:CAKE-USD) is one of the largest DEX platforms that one can use, and they offer Baby Doge swapping. A much smaller DEX, called DODO BSC, also allows for Baby Doge swapping. Keep in mind that to use a DEX, you cannot use fiat currency; rather you must swap different tokens for your Baby Doge, like the stablecoin Tether (CCC:USDT-USD).
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.