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Message: <blockquote data-quote="Sisibola" data-source="post: 1489" data-attributes="member: 17"><h2>[ATTACH=full]517[/ATTACH]</h2><h2>What is Baby Doge Coin?</h2>Baby Doge Coin is a <a href="https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/guide-to-cryptocurrencies/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=b55a3e2e-8a43-428a-8540-580e295e9272" target="_blank">cryptocurrency</a>, that's based on another cryptocurrency, that's based on a meme.It was created by fans and members of the Dogecoin community. Dogecoin, which was on fire to start the year, is a cryptocurrency that started in 2013 and was based on a popular meme. In addition to being newer, Baby Doge Coin is also over 10-times faster when it comes to transaction processing times.Besides the name, there's nothing connecting Baby Doge Coin and Dogecoin. It's likely that the name choice was just a way to get attention.Part of Baby Doge Coin's mission is helping rescue dogs in need. On June 24, it announced that it donated $75,000 to a nonprofit called PawsWithCause.<h2>How Baby Doge Coin works</h2>Baby Doge Coin is one of the many new cryptocurrencies that incentivize holding on to it by charging a transaction fee. Any time you trade Baby Doge Coin, there's a 10% fee. Here's what happens to that:<ul> <li data-xf-list-type="ul">5% gets redistributed proportionally to everyone holding Baby Doge Coin.</li> <li data-xf-list-type="ul">5% gets split and used for a liquidity pool with Baby Doge Coin and Binance Coin (BNB) on PancakeSwap.</li> </ul>In a nutshell, if you sell Baby Doge Coin, you lose 10%. If you keep it, you get rewarded with a portion of the fee everyone else pays when selling. This is becoming a popular trend. Here are a few other cryptos that do the exact same thing:<ul> <li data-xf-list-type="ul">Safemoon</li> <li data-xf-list-type="ul">Elongate</li> <li data-xf-list-type="ul">Bonfire</li> </ul>It's a gimmick that has been done before. And after some initial success, those three cryptocurrencies suffered large price drops. That pattern doesn't bode well for Baby Doge Coin.[URL unfurl="true"]https://www.google.com/amp/s/www.nasdaq.com/articles/should-you-or-anyone-buy-baby-doge-coin-2021-07-04%3famp[/URL]</blockquote>

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