Baby Dogecoin has just appeared on the market. However, It already attracted everyone’s attention. Baby Doge is considered a younger and cuter version of Dogecoin, and some traders even believe baby doge is here to save the father.
However, some of them think it is risky to invest in baby doge. We will help you find the proper way to make your investments in baby doge wise.
Baby Doge was launched at the beginning of June and its prices raised by 1,000% in the first two weeks. The first success was followed by a sudden drop, which increased again by Elon Musk’s tweet.
As people see big return possibilities in baby doge trading, they are switching to it. However, the market constantly fluctuates. The Dogecoin, Baby doge, and Shiba-Inu, all of these coins, are described as hyper-deflationary coins, making the market predictions get more complicated and challenging. This is why we would like to share some essential tips to make your first Baby Doge investments wise.
Research the Baby Doge
First and most important: do the research, ask questions, listen to other people’s experiences, read reviews.
You do not need to rush. Baby doge is a new crypto coin with high volatility, meaning there is a high probability of losing money with it too.
Yes, Baby Doge was successful at first. However, experts say it was due to all the hype around the new coin, which is not long-term.
Choose the proper crypto exchange
Major cryptocurrency apps and exchanges do not list Baby DogeCoin. As a new and relatively small token, Baby DogeCoin has not yet succeeded that much to be added on major exchanges.
PancakeSwap is currently the most popular place to buy Baby DogeCoin. This is a decentralized exchange where users can provide cryptocurrency for trading.
The transaction process on PancakeSwap may be different from what you are used to. However, it is not too complicated. On the PancakeSwap website, you need to connect to an encrypted wallet and then go to the transaction page to make a transaction. The most popular coin for Baby Doge trading is the Binance coin. Thus, if you intend to get the baby doge, the binance coin can be added to your wallet first and then switched to the young doge’s digital currency.
Set the slippage tolerance to 12%
Another thing to consider before purchasing Baby Dog is slippage on PancakeSwap. Slippage is a price difference when you make a trade and when it is executed.
You can set your slippage tolerance on PancakeSwap.
Baby Dogecoin is a highly volatile coin that might not work on a low spillage tolerance. The Baby Dogecoin communities offer beginners to set the slippage tolerance to 12%.
Considering these several tips will guide you through the baby doge world and help you make smart and wise investments.
COMMENTS