Here we go again. Dim the lights and cue the ambient music. This time we’re covering Baby Doge Coin (CCC:BABYDOGE-USD), the latest dog crypto to supposedly have Elon Musk’s endorsement. Regardless of whether this is true or not, there’s not a lot that BABYDOGE has going for it.
For starters, Baby Doge Coin isn’t innovative, it’s at least vaguely shady and it certainly isn’t the first-mover in any capacity.
So is there anything to love about this latest Shiba Inu-inspired meme coin?
Strike One: Lack of Innovation
Dogecoin (CCC:DOGE-USD) works because it was the first of its kind — the first meme coin — and it also had a dedicated community that used the coin. It even became the second-most tipped currency on Reddit and fostered a dedicated community — a community involved with a crypto, not obsessed with it.
DOGE never attempted to compete with Bitcoin. It didn’t promise to make anyone rich.
And it certainly wasn’t the main focus of every single person who came into contact with it, which is the case with BABYDOGE and other Doge knockoffs.
Dogecoin co-creator Jackson Palmer said that DOGE is “not being used by people worrying about whether they’ll become rich,” but rather “it’s something to share for thanks or kudos.”
DOGE had always existed on the sidelines, in a way, and this enabled it to thrive.
People tipped, they received tips and everyone was in it for the fun of it. Sending DOGE was like high-fiving someone for hitting a tricky 3-pointer in basketball.
Why does any of this matter? Simple: We’re convinced that communities must precede meme coins.
Baby Doge Coin is doing the crypto equivalent of saying that they’ll “just make a viral video and get famous.” That isn’t how the internet works.
If you start off by making your entire persona about “going to the moon” and “gains,” you’ll never attract a genuine, long-term community.
How many people would be interested in BABYDOGE other than as an investment? We’re thinking that number is somewhere around the amount of developers the project has, or lower.
Strike Two: Who & Why?
Like Shiba Inu and other meme coins, the who behind Baby Doge Coin is shrouded in mystery. Obviously this doesn’t immediately tarnish this project’s legitimacy, but it’s concerning to say the least.
Everyone can do a quick search and figure out that Dogecoin was created by Billy Markus and Jackson Palmer. Finding this out takes a few seconds.
And while you’re perusing Baby Doge Coin’s website looking for answers, take a look at their “Charity” section. In it, you’ll find that Baby Doge Coin has partnered with a charity called “Paws With Cause” that works with local rescues to find homes for pets.
This is wonderful. We want all pets to be adopted.
And the charity has even shared a post — which features a lot of comments featuring Elon and the moon — that states Baby Doge Coin has generously donated. This is more than most meme coins can say, and we applaud Baby Doge Coin for this good deed.
The peculiar observation to be made here is in their choice of charity.
Paws With Cause is a local charity, serving a local community, in Everett, Washington.
Why would a crypto project raise funds from investors all over the world only to donate them to such a small, lesser known charity? Does one or more of the token’s founders live there? A search for “Paws With Cause” doesn’t even bring this charity up as the first result. The first result appears to be far larger and is based out of Michigan.
It just seems a bit odd, but maybe they really did their due diligence and found a charity that would greatly benefit from their contribution.
Strike Three: Not a First-Mover By Any Means
But… It doesn’t end there.
On Paws With Cause’s website, it lists another token called Kabosu, which looks startlingly similar.
This copycat Baby Doge Coin — or is it the other way around? — has a similar website, similar logo, similar launch date, similar “tokenomics” and, as mentioned, supports the same charity.
The same charity in Everett, Washington. Not a global, or even nationally renowned charity that rings a bell in everyone’s mind — a local charity that serves a local community.
Either the same team is behind both coins, or somebody very gratuitously copied somebody — not to mention both cryptos being copycats of dog cryptos.
If you look at the price charts, it also looks like Kabosu began its lifecycle with a pump. It then quickly lost all of its gains for some reason. Right after Kabosu’s rally and subsequent downfall is right when Baby Doge Coin enters the picture.
BABYDOGE Is Out
There are plenty of solid investments in the crypto space to be made. And it doesn’t take our team of experts to point out that BABYDOGE is not one of them.
Baby Doge Coin lucked out recently and was the beneficiary of an Elon tweet. But Elon moves on to new things quickly, so don’t count on just one man to prop up a crypto indefinitely via a social media platform.
It doesn’t do anything new, it’s community isn’t really a community and there’s perhaps something fishing going on behind the scenes.
In a world where technology and creativity can join forces and have a lasting, positive impact on the world, Baby Doge Coin chose to utilize zero creative juices and create something technologically unimpressive.
For those reasons, we’d recommend you “hodl” your money in some other form. Our team of expert analysts is constantly on the lookout for cryptos and stocks that are the best of the best, that will affect the technological or societal landscape around them.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.