BigONE View: Mistakes to Avoid When Purchasing Baby Dogecoin
Since its inception, Baby Dogecoin has nearly become a success. The price increased by more than 1,000% in the first 15 days after it was released. Despite a subsequent drop, Elon Musk’s tweets set a new all-time high. Many people have purchased Baby Dogecoin due to the allure of huge returns. However, BigONE recommends that investors who are purchasing small-value cryptocurrencies for the first time pay attention to some issues that will help you avoid mistakes and ensure that everything goes smoothly when investing in Baby Dogecoin.
Research on Baby Dogecoin
Don’t make a hasty decision to purchase Baby Dogecoin. It is a completely new cryptocurrency. If you invest in haste, you risk losing money because you don’t understand the market. If you are interested in Baby Dogecoin, you can find information about it on BigONE’s Reddit, YouTube, and other media channels. Take the time to review its website and whitepaper, learn and research, and don’t put your trust in others. Habits will provide you with the opportunity to achieve financial freedom. Baby Dogecoin has been successful so far due to the hype surrounding it, but BigONE believes that this is not a long-term strategy.
Don’t choose the wrong cryptocurrency exchange
Many cryptocurrency exchanges have not yet launched Baby Dogecoin because the project team has not recognized them. As a world-renowned cryptocurrency exchange, BigONE has currently launched the BABYDOGE/USDT trading pair. But no matter what, as a new, relatively small-scale cryptocurrency, Baby Dogecoin still has a long way to go.
Cannot buy with cash
PancakeSwap is the most popular site for purchasing Baby Dogecoin right now. It is a decentralized exchange, and its trading process may differ from your usual usage patterns. To make a transaction on the PancakeSwap website, users must first connect to an encrypted wallet and then go to the transaction page. PancakeSwap is not a cryptocurrency exchange that accepts cash deposits and uses them to purchase cryptocurrency. It only allows users to exchange one cryptocurrency for another. Investors can currently purchase Baby Dogecoin with ONE (BigONE TOKEN).
If you don’t have any cryptocurrency that you want to trade, you need to buy some cryptocurrency in BigONE and transfer it to a crypto wallet. Here is a step-by-step guide explaining how it works:
⦁ Buy ONE token
⦁ Transfer the ONE token you purchased to an encrypted wallet.
⦁ Visit the PancakeSwap exchange page and click “Connect”.
⦁ Connect your wallet to PancakeSwap.
⦁ Change your ONE token to Baby Dogecoins.
When trading cryptocurrencies on PancakeSwap, there is a more important concept to understand: slippage. Slippage is the price change between transaction and execution. On PancakeSwap, investors can set the slippage tolerance or willingness to accept price changes to complete the transaction. Here’s how to adjust this setting:
⦁ Go to the PancakeSwap exchange page.
⦁ Click the Settings button (the icon in the exchange box has three horizontal bars, and lines are passing through them).
⦁ Choose one of the preset slippage tolerance options or enter your own options.
⦁ For highly volatile cryptocurrencies like Baby Dogecoin, transactions may not be conducted with low slippage tolerance.
The Baby Dogecoin team once recommended that investors set the slippage tolerance to 12%, which means that if investors want to trade 1 million Baby Dogecoin, they may end up with 880,000 or 1.12 million tokens. However, BigONE still recommends that investors make adjustments based on actual conditions.
Avoid excessive investment
When investing in Baby Dogecoin, investors should be mindful of controlling their investment amount and being wary of over-investment or being cheated. Because many cryptocurrencies, like it, are just starting to perform well, but they are quickly forgotten.
BigONE recommends that investors use a portfolio investment approach, with cryptocurrency as a high-risk, high-return investment method to achieve financial freedom as part of the investment portfolio. Furthermore, when investing in cryptocurrency, make sure to choose a cryptocurrency based on its future development capabilities rather than its popularity.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.