Editor’s note: Baby Musk Coin prices have plunged 99% on Feb. 9 in what several watchdogs have called a rug pull scam. You can read more about how to avoid cryptocurrency scams here.
There’s a new kid on the meme token block. Today’s reports that Baby Musk Coin (CCC:BABYMUSK-USD) pulled off a successful initial coin offering have been met with enthusiasm. Currently, the BABYMUSK crypto is up more than 30% on an impressive opening day.
So why are investors so excited?
The Baby Musk Coin ICO reportedly raised $2 million, according to the development team behind the project. These funds will largely be used for marketing efforts.
Like other meme tokens, investors in Baby Musk Coin appear to be after moonshot-type gains. Just like Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD), meme spinoffs have become all the rage. Any asset that has the potential to see incredible gains over short periods of time is still enticing to many investors.
Of course, these investments carry much higher levels of risk. However, for early investors willing to throw a few bucks at a project, such tokens are often viewed as call options on insanity.
Will Baby Musk Coin skyrocket? Let’s take a look at what this project is all about.
BABYMUSK Crypto Soars On Opening Day
Baby Musk Coin touts itself as “the biggest dreamer.” This project is one that has launched on various decentralized exchanges, and is awaiting listings on more major exchanges. As investors wait, there’s a growing amount of interest building on social media right now.
According to the crypto’s aforementioned blog post, a music video, Baby Musk Index Fund, and Baby Musk Swap are all projects the team is looking to grow out.
Additionally, some of the ICO funds will be used to pay out rewards, which are in Bitcoin (CCC:BTC-USD), to those who keep BABYMUSK in their wallets.
How this token will perform from here will be interesting to watch. Indeed, like other meme tokens, there’s a reason for the interest. However, suggesting BABYMUSK will be the next FLOKI or SHIB is likely a little optimistic.
For now, I’ll be watching this token happily from the sidelines. However, investors looking for another moonshot bet now have another option.
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Read More: How to Avoid Popular Cryptocurrency Scams
On the date of publication, Chris MacDonald 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.
