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Baby Doge burn on 1 December: Could a BABYDOGE listing on Binance be next?

By Alara Jordan

16:14, 30 November 2022

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BabyDoge token
Since its inception in June 2021, BabyDoge has amassed a community of more than 1 million token holders – Photo: Shutterstock

A large amount of the meme token Baby Doge is set to be burned and removed from circulation as of 1 December, an announcement via the official Baby Doge coin Twitter page has confirmed.

The news, which was first released via the developers of Baby Doge on Twitter, confirmed that the burn would take place after a vote was conducted by its community.

Baby Doge coin, which is not affiliated with Dogecoin, launched in June 2021 and was built on the Binance Smart Chain with fees much lower than Ethereum.

The team behind the meme coin consider its primary mission to build a fun meme community to spread awareness of animal adoption. The team wrote in its whitepaper: “Baby Doge is on a mission to bring crypto to the average person while also helping save dogs in need.

“Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge.”

Its initial step towards carrying out its burn procedure follows in the footsteps of Dogecoin’s main rival, Shiba Inu ($SHIB), the second largest meme token by market cap, which has incorporated a similar concept of utilising its burn strategy on a regular basis. 

DOGE/USD

0.09 Price
-4.250% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0011044

LUNC/USD

0.00 Price
-3.610% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000702

ETH/USD

1,582.22 Price
-3.930% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

BTC/USD

23,132.80 Price
-2.940% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

DOGE to USD

First step to Binance listing

Users can currently view the live price and trading history of Baby Doge coin on Binance, but do not have the ability to buy, sell and trade the meme token on the exchange. A few users on Twitter, however, shared their views that if the burn takes place as expected, it could be first step towards a potential listing on Binance.

The price of Baby Doge coin was $0.000000001133 atthe tme of writing, up 3.4% in the previous 24 hours, according to data from CoinMarketCap

The meme coin has risen in popularity since its inception and has amassed a community of 1.3 million token holders with more than 1.7 million Twitter followers.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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