If you've been following the cryptocurrency developments over the last few months, you may have noticed the rise of Baby Shiba Inu token. But what exactly is it?
2021 has certainly been the year of memecoins. With altcoins responsible for a crypto-surge in May, the likes of Dogecoin and Shiba Inu Coin have attracted new users to cryptocurrency.
So, here's what to know about one of the latest memecoins, Baby Shiba Inu.
What is Baby Shiba Inu?
Baby Shiba Inu is a cryptocurrency token that sits on the Binance Smart Chain. First launched in 2021, little is known about its development team, aside from what is disclosed in the audit.
The team is made up of individuals who have "all been through different DeFi projects in the last year, from managing to helping out with marketing and everything else."
Baby Shiba Inu is among the many Shiba Inu/Doge-related coins to release this year following the success of Dogecoin.
According to its whitepaper, Baby Shiba Inu is "all about spreading the puppy love", supporting the Shiba Rescue America Organization.
The website states $5000 has been donated - an amount that will increase as the community grows. However, its tokenomics do not specify what proportion of fees will go to charity. 6% goes to liquidity and is locked, 2% is distributed to holders, and 3% goes towards marketing.
It features a five-step 'Roadmap to the Moon', but has stated it does have plans beyond these steps. This includes releasing a Mobile NFT platform.
Baby Shiba Inu Price History
As of August 3, Baby Shiba Inu has a price of $0.000000007186. Its all-time low of $0.000000005424 was reached on August 2, while its high of 0.00000001382 came on July 25.
Baby Shiba Inu currently has a max supply of 1,000,000,000,000,000 BABYSHIBAINU.
The project also includes a maximum cap of 10 trillion transactions, which it says "prevents pumping and dumping."
Baby Shiba Inu vs Baby Doge Coin
One of the differences between Baby Shiba Inu and Baby Doge Coin is that the latter appears to rely further on its older token for marketing purposes than the former.
The Baby Doge Coin website states: "Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge."
It includes further references to Dogecoin, offering comparisons to both DOGE and Shiba Inu Coin, too.
Baby Shiba Inu does not explicitly reference any other cryptocurrency in its marketing - aside from the name. It describes itself as a "new arrival in the cryptocurrency canine family".
As for pricing, 1 BABYSHIBAINU is currently worth more than 1 BabyDoge, although there are 420 times as many Baby Doge in circulation.
Baby Doge's fully diluted market cap is $677,276,663 at the time of writing, while Baby Shiba Inu's is $7,175,657.
Read More: Who is the Shiba Inu Coin Founder?
[Featured Photo by Executium on Unsplash]
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