It’s not uncommon to see new tokens named after already successful tokens in Crypto Space. In fact, it has become a trend/marketing technique.
These start-up tokens basically leverage the name of these popular coins so they can gain popularity faster.
Babydoge is one of such tokens. When you hear it, Dogecoin automatically comes to mind. However, they don’t have the same developers, even though the developers of Babydoge admit to following the footsteps of Dogecoin.
Babydoge is a BNB Chain based token created by the Dogecoin community. As the name implies, Babydoge is like a fork off the success of the Dogecoin token.
Meanwhile, the similarities between these tokens end in the name. While Dogecoin has its native blockchain, Babydoge is based on the BNB Chain.
Babydoge is one of the most popular meme coins of 2021. As a community-driven token, it has received several endorsements from popular figures, including Elon Musk.
Babydoge features a smart contract staking system that rewards users for simply holding the token. Cool right? Definitely.
It distributes a certain amount of transaction fee for each holder every time someone completes a Babydoge transaction.
Apart from its function as an exchange value, Babydoge has no application or use cases. However, it aims to create a community that provides humanitarian aid to dogs in need.
However, statistics show Babydoge is still one of the most successful smart contract projects, with more than 1.5 million holders.
Due to its potential, more people are keying into the coin while it’s still early. While some are buying the coin directly and leaving it in their wallets, others are staking it to earn passive income. In this post, we’ll be walking you through the process of staking your Babydoge.
One way to stake Babydoge tokens is via Hotbit. Another way is via Babydoge DeFi staking platform.
Meanwhile, OKX offers a saving investment opportunity for Babydoge that works similarly to staking.
How To Stake Babydoge Token Using Hotbit Wallet?
Here’s how to stake Babydoge tokens with Hotbit.
1. Fund your account
- By swapping USDT to Babydoge
- By transferring from TrustWallet or MetaMask Wallet
2. Transfer Babydoge from Trading to Investment Account
3. Stake your Babydoge
1. Fund your account
Open your Hotbit app and log in to your account.
After logging in, you must fund your wallet with Babydoge tokens before you can stake.
To fund your wallet with Babydoge tokens, you can swap your USDT asset with Babydoge on Hotbit.
Alternatively, you can also directly transfer Babydoge tokens from your Trust wallet.
Swap USDT with Babydoge token
If you have USDT in your Hotbit wallet, you can easily swap it with Babydoge tokens from your account.
Meanwhile, you can also buy USDT via the P2P option or with third-party crypto purchasing apps like Moonpay in your Hotbit or Banxa.
To swap, simply navigate to TRADE in the bottom navigation bar.
Tap the token list menu represented by three short horizontal lines in the top left corner. Search for ‘Babydoge.’
Click on the Babydoge token from the result list. This should bring a whole new interface where you can swap your USDT for Babydoge.
Input the amount of Babydoge you want to buy. Finally, tap BUY BABYDOGE.
Transfer BABYDOGE from Trust Wallet/Metamask
If you have Babydoge tokens in your Trust wallet, you can easily transfer them to your Hotbit to continue staking.
To do this, go to Trade and search for Babydoge from the top left corner. Manually type BABYDOGE in the search bar and choose the token from the results.
This should take you to the swap interface. However, to fund your wallet, just click the token option represented by three dots from the top right corner.
Choose DEPOSIT to fund your wallet. Copy the deposit address.
In your Trust wallet/Metamask, click on Babydoge coin, then tap SEND.
Paste the deposit address from Hotbit into the recipient address. Specify the amount of the token you want to send.
Tap Next to review your transaction. Once you’re satisfied, you can send the token. Within a few minutes, your deposit will land in Hotbit.
2. Transfer Babydoge from Trading to Investment Account
Once you’ve funded your account with Babydoge tokens, go to INVESTMENT in your Hotbit app.
On the top search bar, search for Babydoge and select ‘Babydoge token’ from the result.
Once you click, a new window where you can purchase your Babydoge staking will pop up. It will provide details such as Annualised Returns, Value Date, Validity Period, and Earning per thousand Babydoge.
Continue by tapping TRANSFER to transfer your Babydoge token from Trading Account to Investment Account.
Input the amount of the token you want to transfer into your Investment Account, then CONFIRM the transfer.
3. Stake your Babydoge
Once the transfer is complete, go back to the Babydoge staking interface. Input the amount of Babydoge you want to invest.
Finally, click PURCHASE NOW to complete your staking.
You can view staked assets under Investment > Assets.
Staking Babydoge via Babydoge DeFi Staking Platform
Another way to stake your Babydoge is via the Babydoge DeFi staking platform. You can easily do this within the dApp browser in your wallet. However, it is unclear if the staking platform is an official staking platform from Babydoge.
Conclusion
As mentioned earlier, Babydoge is one of the top DeFi smart contract projects for 2021. The token clinched an all-time high price of 0.00000001, with its ATH market cap exceeding $1 billion.
It’s noteworthy to mention the huge support of its community and top figure. While this doesn’t significantly sustain its value, the strong hype is enough to boost its value in the long term.
Although staking Babydoge is a low-risk and high-reward investment, it is advisable to invest in staking the token with effective risk management.