Baby Doge launches its first NFT drop

Baby Doge, one of the community’s popular memecoins, has launched non-fungible tokens. Baby Doge is a meme coin created from a Shiba Inu theme, and it came into the limelight after Tesla’s CEO, Elon Musk, “tweeted” about it.

Baby Doge launches NFT collection

According to its website, Baby Doge is a currency that “seeks to impress his father by showing his new, improved transaction speeds & adorableness.” A long-awaited NFT collection.

The NFTs for this project will be available for the whitelisted users to mint before the public mint goes love. The whitelisted users started minting these NFTs on April 20, and as part of celebrating this day, every user was allowed to mint only three BabyDoge NFTs.

The NFT collection for Baby Doge comprises 10,000 unique Baby Doges created using 200 different features. The traits of these NFTs range from their clothing, eyes, headwear and other features. The NFTs will be stored in the form of ERC-721 tokens on the Ethereum blockchain, and they will be hosted on the Interplanetary File System (IPFS).

The launch of the NFT collection was a success, given that it started trending as soon as Baby Doge posted about it on Twitter. Baby Doge has been praised for various features that make it “better” than other memecoins.

One of its unique features is that it is “hyper-deflationary” because it was created to become scarce with time. Holders of Baby Doge receive more tokens as each transaction is charged a 10% fee, and 5% of this is distributed among token holders. The remaining is added to the network’s liquidity.

When Baby Doge was launched, its total supply was set at 420 quadrillion tokens. So far, 125 quadrillion tokens have been burned, with the token being only available on the Baby Doge decentralized exchange (DEX).

Baby Doge was launched in June last year on the BNB Chain. The developers’ objective was to help more dogs using proceeds from the sale of the token. Baby Doge recorded a major rally after it was branded on NASCAR. The memecoin was branded on the No. 68 Chevrolet Camaro driven by Brandon Brown.

Earlier in the year, the Baby Doge community started a campaign to list the memecoin on the Binance cryptocurrency exchange. However, the coin is yet to be listed on Binance despite the campaign attracting quite a following.

Shiba Inu is maintaining the competition

Shiba Inu, the second-largest memecoin, has also been strongly developing its network to keep up with growing competition from new memecoins. Despite the memecoin hype of last year subsiding significantly, there is still high interest in memecoin projects.

Shiba Inu recently unveiled its metaverse project. The project seeks to allow people to buy and develop virtual pieces of land. The first auction of these pieces of land was successful and attracted many Shiba Inu investors.

On the other hand, Dogecoin has failed to record a significant rally. Nevertheless, it continues to receive the support of Elon Musk, who featured the memecoin during the launch of Texas’ gigafactory launch in Texas.