Although it may look legitimate at first, an actually fake Elon Musk account on Twitter promoted BabyDogeCoin. An important question here, however, is this: is BabyDogeCoin profitable?
BabyDogeCoin Gained a Massive 259.8% in the Last 30 Days
There are a lot of ways new tokens get promoted. One of these ways takes place when they are picked up by fake accounts of popular individuals like this fake Elon Musk account spotted on Twitter. Although Elon Musk has been quite open about his support towards Dogecoin, the Tesla CEO has not been promoting other types of crypto.
BabyDogeCoin, however, is technically not Dogecoin, but it does have some similarities with the latter. As seen on CoinGecko, BabyDogeCoin has seen a massive 259.8% over the last 30 days.
Over the last seven days, in fact, BabyDogeCoin was able to get 40.4% while getting 77.2% in the last 14 days. In the last 24 hours, however, the cryptocurrency experienced a 16.2% drop.
What Hodlers of BabyDogeCoin Get from Not Selling the Crypto
According to the description of the crypto seen on CoinGecko, BabyDogeCoin is a meme cryptocurrency that is designed to be deflationary. This means that it becomes more scarce over time. All hodlers of Baby Doge will be entitled to earn more Baby Doge compared to their initial purchase by simply hodling the cryptocurrency in their wallet.
The description describes the potential earning for Baby Doge hodlers as an automatic 5% fee from every on-chain transaction that happens within the Baby Doge ecosystem. Because of this, the community actually receives more Baby Doge Coins from the fees that it generates per transaction.
Fake Elon Musk Twitter Account Uses @elon75musk While Original Uses @elonmusk
Going back to the fake Elon Musk account, everything actually looks the same as the original Elon Musk account at first glance. This is because both accounts have the same picture and uses the name Elon Musk. The username, however, is different since the fake Elon Musk account is using @elon75musk as opposed to the original @elonmusk.
The small difference, however, is very critical since it is slightly unnoticeable. One key indicator, however, is the verified icon that appears on the original and authentic Elon Musk account.
BabyDogeCoin Market Cap at $864 Million Almost Hitting One Billion
As of the moment, BabyDogeCoin currently has a market cap of over $864 million which is just about $136 million shy of a billion. The coin is currently ranked at #119 on CoinGecko at the price of $0.000000005329 with its all time high price at $0.000000006345 and all time low price at $0.000000000095 which is a 5451.2% difference from its current price.
BabyDogeCoin's all time low happened seven months ago with its all time high happening just a day ago on January 16. With that, the coin initially started back on June 9 at the price of $0.0000000000175 and currently has a trading volume of $106,406,741.
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This article is owned by Tech Times
Written by Urian B.
