Buying cryptocurrencies might feel like a daunting task in the beginning, more so for those who are just starting out in the world of digital assets. But, it is pretty much a straightforward process with the correct knowledge and tools at your disposal. All you have to do is take a few steps, including choosing a crypto exchange and creating an account for it. Then add funds and make the purchase. If you are interested in knowing more about purchasing Baby Doge Coin (BABYDOGE), this article will take you through the whole process, so keep reading.
What is The Baby Doge Coin (BABYDOGE)?
Baby Doge Coin is a crypto token that operates on the Binance Smart Chain (BSC). It was created as a spin-off of the popular Dogecoin in order to leverage the popularity of meme culture and introduce new features like faster transaction speeds and hyper-deflationary mechanics. The coin also aims to promote animal welfare and adoption efforts.
Main Features of Baby Doge Coin (BABYDOGE)
- Baby Doge was designed as a fun collectible token with a mission to raise awareness about animal adoption. The project has gained significant traction within the crypto community, especially due to endorsements by popular figures like Elon Musk.
- The token also has an active community, which is called the “Baby Doge Army” and they engage in different initiatives including charitable donations to dog rescues and shelters, totaling around $1 million.
- The total supply of Baby Doge Coin is 420 quadrillion tokens, with a deflationary mechanism that includes a 10% transaction fee on all trades. This fee is split equally. 5% is redistributed to existing holders while the remaining 5% improves liquidity on exchanges. This structure incentivizes holding the token, as holders receive more Baby Doge simply by maintaining their balance in their wallets.
How To Buy Baby Doge Coin (BABYDOGE)?
Let us have a look at the step-by-step guide on how to buy Baby Doge Coin:
1. Decide an Exchange To Buy From
To purchase Baby Doge Coin, you will need to use a cryptocurrency exchange that supports the BABYDOGE token. Check if the exchange works in your country and also offers the trading features that you need. Some popular exchanges where Baby Doge Coin is available are Binance, CoinEx, Bybit, gate.io, OKX, KuCoin, and MEXC.
2. Set Your Budget
When buying Baby Doge Coin or any crypto for that matter, it is important to have a clear plan and investing strategy. Otherwise, you have the risk of making emotionally driven sudden decisions. Don’t invest beyond your capacity and always be aware of your risk tolerance since crypto is highly volatile.
3. Create an Account
- Once you have selected an exchange, visit the exchange’s official website and register using your email address and a secure password.
- Many exchanges might require Know Your Customer (KYC) verification and you will need to submit identification documents according to regulations.
- Activate Two-Factor Authentication (2FA) to improve the security of your account.
4. Deposit Funds
After setting up your account, you will need to deposit funds to purchase Baby Doge Coin. Most exchanges accept deposits in major crypto like BTC and ETH, and some also support fiat currencies.
5. Purchase Baby Doge Coin
Find the trading pair that matches the currency you have deposited and place an order (market order or limit order). Enter the amount of Baby Doge Coin you want to purchase and confirm the transaction.
6. Store Securely
It is best practice to transfer your Baby Doge Coins from the exchange to a personal wallet for better security. Trust Wallet, MetaMask, Ledger, and Trezor are a few popular options.
Utility and Use Cases of Baby Doge Coin
Baby Doge Coin can be used for transactions in different e-commerce platforms, including Shopify, which allows holders to spend their tokens like traditional currency. Transactions using Baby Doge are quick, and take only a few minutes, which makes it suitable for international payments also. Holders of Baby Doge Coin earn extra tokens by simply holding them in their wallets.
A major aspect of Baby Doge Coin’s mission is to help animal welfare organizations. The project has committed to donate a portion of its proceeds to help dogs in need. Users can also use Baby Doge Coin to pay for creating memes, content, and AI-generated images. They can mint these creations into NFTs using the token.
Market Performance of Baby Doge Coin
As of today, Baby Doge Coin is trading at around $0.083028 and the market cap is at around $518.68 million. The token’s supply is designed to decrease over time through regular burns, so as to build scarcity and thereby increase demand. The circulating supply of Baby Doge Coin is around 161.29 trillion BABYDOGE.
Final Thoughts
So, by following the steps mentioned in this article, you can purchase Baby Doge Coin. Always remember to conduct in-depth research and consider the possible risks before investing in any cryptocurrencies. Stay wary of fees related to deposits, withdrawals, and trades. Stay informed about the cryptocurrency market and the special features of Baby Doge Coin to make well-informed investment decisions.
Disclaimer: Please note that this is not financial advice and is created based on public information. DYOR and educate yourself before you take the plunge.