With a single tweet, Elon Musk’s new crypto hits $1.7bn market cap
Cryptocurrency coin, Baby Doge, has hit a market cap of $1.7bn after Tesla CEO, Elon Musk, threw his support behind it.
The tweet from Mr Musk caused the price of the coin, trading as BABYDOGE, to rise markedly.
After launching in June, Baby Doge coins price went up by over 1,000 per cent in two weeks, reaching a market cap of $200 million in three weeks and over 160,000 holders in four. At the time of filing this report, the coin has recorded a total of 1,252,071 transactions.
Baby Doge Coin is a cryptocurrency based on another cryptocurrency that was created as a joke by members of the Dogecoin community in 2013. The new cryptocurrency, Baby Doge, sets itself apart from other coins by being ten times faster in its transaction processing times.
Baby Doge also incentivises holding on to it by charging a transaction fee. For every Baby Doge Coin trade, customers are charged a 10 percent fee, where 5 per cent gets redistributed to everyone holding Baby Doge Coin and the other 5 per cent is for a liquidity pool with Baby Doge Coin and Binance Coin (BNB) on PancakeSwap. Other cryptos that do the exact thing include Safemoon, Elongate, and Bonfire
Another thing that Baby Doge Coin has in common with other new cryptos is a very large supply and a low price. The coin started out with 420 quadrillion tokens and since its launch developers have been destroying tokens, burning over 125 quadrillion tokens.
More from Peoples Gazette
Lagos
Insecurity: Bi-Courtney to enforce passenger facilitation policy
Bi-Courtney Aviation Services Limited, operator of the Murtala Muhammed Airport Terminal Two (MMA2), will, on July 21, start enforcing passenger facilitation policy.
NationWide
Igboho, co-separatists should dialogue with Buhari regime: Olowu of Owu-Kuta
Sunday Igboho and his co-separatists should dialogue with President Muhammadu Buhari’s regime, says the Olowu of Owu-Kuta, Adekunle Makama.
Africa
Jail Sentence: Jacob Zuma compares judges to apartheid rulers
Ex-President Jacob Zuma has lashed out at the judges who gave him a 15-month jail term for absconding from a corruption inquiry.
Africa
136 students test positive for COVID-19
No fewer than 136 students in a high school have tested positive for the COVID-19 Delta variant, the Ghana Health Service (GHS) has confirmed.
States
Fight bandits with your teeth, don’t wait for Buhari regime: Gov. Masari
Governor Aminu Masari of Katsina has advised Nigerians to fight bandits with their teeth and not wait for President Muhammadu Buhari’s regime to protect them.
Politics
Onyeama, Chime plot APC takeover of Enugu government
Foreign Affairs Minister Geoffrey Onyeama and ex-Enugu Governor Sullivan, along with other APC stalwarts, are plotting the party’s takeover of government in the Enugu.
