BSC News

Can Baby Doge Make Crypto Payments More Mainstream?

Baby Doge and NowPayments have partnered to make Baby Doge payments accessible to its growing user community. There's more to this meme coin.

Partnership With NowPayments

The Baby Doge Coin project aims to make crypto more accessible to the average person while also helping to save dogs in need. BabyDoge has a supply of 420 quadrillion tokens and deflationary mechanics instead of inflationary/fixed mechanics. But can Baby Doge payments be popular?

The popular memecoin has partnered with NowPayments, a non-custodial cryptocurrency payment processing platform that enables businesses to accept Baby Doge as payment. Here are a few reasons why Baby Doge may be a viable crypto payment option:

  1. The project runs on the enthusiasm of its community and encourages open communication and transparency
  2. Baby Doge has one of the fastest-growing communities in the crypto industry.
  3. Baby Doge has been audited by a third party (Certik) and has burned and locked the majority of the LP tokens. That reduces the chances of rugpulls.
  4. So far, there has been a 47% burn of the $BabyDoge supply, and the supply decreases with each transaction. Further, $BabyDoge holders receive 5% of all on-chain transactions in the $BabyDoge ecosystem.
  5. Built on BNB Chain, Baby Doge has relatively low transaction fees.

Furthermore, NOWPayments' auto-conversion feature lets businesses instantly convert crypto payments they receive to fiat. As a result, there will be no significant fluctuations in the value of merchants' coins.


Meme Coins in a Bear Market

Meme coins like Baby Doge began as an alternative to the popular Doge Coin. Without institutional backing, meme coins completely depend on the community but are sometimes supported by whales. This makes investing in meme coins risky, especially in volatile markets. In addition, experienced traders tend to have little faith in meme coins, particularly during downturns.

“I think meme coins are really good in bull markets, but there isn't a lot to suggest that they can stay in bear markets,” an ace trader and close contact to BSC News said. “Especially if you're comparing just a random meme coin to an actual coin, like Ether or Polygon, for example, where there's a natural demand for these assets. They're minting NFTs at the same time as trading in DeFi. And so there's something to sustain it through a bear market. But with a meme coin, where will the demand come from?”

That being said, the Baby Doge coin team is currently working on expanding the project beyond a memecoin. A video teaser recently challenged BNB Chain’s prominent Decentralized Exchange (DEX), PancakeSwap, as the team launched the BabyDoge swap. The team will also launch its Non-Fungible Token (NFT) marketplace.

As meme coins are still in their infancy, it will take time to see how they play out. As the title of one of Jeffery Archer’s popular novels reads, “Only Time Will Tell.”


Related News