Baby Doge, a cryptocurrency created “by fans of the Doge Coin online community” that “seeks to impress its dad by showing off its new, improved transaction speeds and adorable character” is donating $400,000 to organizations of rescuing dogs thanks to the success of its non-fungible token (NFT).
As CryptoGlobe reported, Baby Doge’s NFT Collection launched on April 20 for whitelisted users ahead of a public mint. The collection is made up of 10,000 unique Baby Doges generated through the use of 200 potential traits that include their eyes, headgear, clothes, and more. Each token is stored as an ERC-721 token on the Ethereum blockchain and hosted through the Interplanetary File System (IPFS).
Baby Doge launched on June 1 on Binance Smart Chain with a mission to save as many dogs as possible, according to its website. On social media, the project account tagged several dog rescue organizations.
Cryptocurrency is “hyper-deflationary” because it is designed to become scarce over time. Baby Doge holders automatically receive more tokens as each transaction on its network commits 10%, of which 5% is split among token holders, and half is added to its liquidity.
The cryptocurrency project recently celebrated its 11-month anniversary by burning four quadrillion BABYDOGE tokens. Over 45% of the cryptocurrency’s supply has now been burned through the celebration movement.
Earlier this year, supporters of the meme-inspired cryptocurrency rallied to get the token listed on major cryptocurrency exchange Binance via a campaign launched by the trading platform where it asked users to do wishes in order to achieve some of them. Binance has not listed it yet.
WARNING
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.
