CoinMarketCap takes a deep dive into a dog-related meme cryptocurrency, named Baby Shiba Inu.
Baby Shiba Inu is a part of a growing family of canine-related cryptocurrencies. Like Baby Doge Coin
, Baby Shiba Inu could be considered a relative of the Shiba Inu
cryptocurrency. This new token is a meme-coin like Dogecoin
, but it has some novel purpose in the overall ecosystem. Meme coins are mostly centered on increasing value for token holders. However, Baby Shiba Inu is following a model that many of these dog-related coins are implementing. The token is also seeking to be one of the cutest and most meme-able cryptos in this new space.
Purpose of Baby Shiba Inu
Baby Shiba Inu is, of course, focused on a roadmap to bring its value “to the moon,” but its strategy also includes providing rewards for users, an anti-rugging mechanism, and a transaction cap that prevents pumping and dumping. These safety features are designed to help the community with growth while preventing manipulation and major volatility that have plagued other meme cryptos.
Who Created Baby Shiba Inu?
Baby Shiba Inu's primary developer and founder is music producer and artist Mickey Valen
. The crypto launched in 2021 is currently in its initial stage that includes its listing on multiple exchanges, token giveaways, and a marketing push to get more community members.
Will Baby Shiba Inu Hit 1 Cent?
As of late July 2021, Baby Shiba Inu
’s price is hovering around $0.000000009967. Many meme currencies commonly have a huge supply of a trillion or quadrillion coins. Investors are buying a large sum of this coin in the initial stage with hopes that Baby Shiba Inu will hit 1 cent soon.
Coming to that point, it is impossible to tell whether Baby Shiba Inu will ever hit one cent, but the community will try their best to pump the value with more investors. The project can also use the coin-burning strategy that will remove a major percentage of the tokens from circulation. These tactics could give the project a shot at one cent, but Baby Shiba Inu will face strong competition from an ever-growing set of cryptocurrencies that seek to make their users rich.
Baby Shiba Inu (BABYSHIBAINU) Price
The BABYSHIBAINU token is not to be confused with the Baby Shiba coin (BHIBA), or the BabyShibby Inu (BABYSHIB). The token is now worth $0.000000009967, as of July 28, 2021.
How Does Baby Shiba Inu Work?
Baby Shiba Inu works like most dog-related cryptocurrencies. Its value does not lie in its utility but its meme value. In 2021, a major meme in both the retail trading craze and crypto is creating value seemingly from nothing (e.g., turning the defunct GameStop into a valuable investment). Elon Musk put it best when asked why he chose Dogecoin over cryptocurrency projects with real value like Ethereum 2.0, Cardano, and Polkadot: “Doge has dogs & memes, whereas the others do not.”
The goal of Baby Shiba Inu is to provide a low-value area for early investors to get in and then to increase the value and market cap as much as possible to emulate what happened with Dogecoin (now a top 10 crypto by market cap). If successful, this strategy will make the founding team and early investors rich enough to finally afford a Lambo
. The end-stage of the roadmap includes a picture of a pink Lambo with the Baby Shiba Inu logo on the hood. To get to this point, much of the roadmap focuses on gaining a cult-like following, much like the original meme crypto, Dogecoin.
What Makes Baby Shiba Inu Unique?
Baby Shiba Inu mostly exists to attract users who desire to make a profit while having a bit of a laugh. It serves the community and also donates money to dog rescue foundations that specialize in Shiba Inu dogs.
The project itself is built on the Binance Smart Chain
to avoid the high fees of Ethereum while increasing throughput. They wish to scale the project as quickly as possible. The developers want to have as much capability for transactions as possible on the network. The breakdown of the transaction fees on the network includes: 6% will be held for liquidity, 2% will be distributed among holders, and 3% will be dedicated to marketing.
The Baby Shiba Inu project also wants to create a mobile NFT
platform where users can buy and sell unique Shiba Inu cartoon artwork. This echoes a path that many DApps are taking to leverage the growing interest in digital artwork and NFT ownership.
How Does Baby Shiba Inu Stack Up?
Baby Shiba Inu is a part of the quickly growing dog-related meme cryptocurrency trend. They have some unique points in their structure and plan to take the token to the moon, but no one can guess which coin will take the top positions in the crypto chart. It remains to be seen if any other meme cryptocurrency can replicate the original and organic following that Dogecoin had. Baby Shiba Inu will need to beat out competition from larger coins and first-movers like Shiba Inu (SHIB
), Dogelon Mars (ELON
), and many others.
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