You thought Dogecoin was a joke? Now, we have Baby Doge another meme cryptocurrency that has been brought under the spotlight by the Dogefather Elon Musk. The Tesla chief on Thursday tweeted about Dogecoin spinoff Baby Doge and the cryptocurrency’s value has almost doubled since then. Musk used the lyrics of viral Baby Shark song from last year and used it to refer to Baby Doge.
“Baby Doge, doo, doo, doo, doo, doo,” he tweeted, as a reference to the well-known kids’ song “Baby Shark.” The hashtag #babydoge trended on the site following the tweet. Baby Doge price rose by nearly 98 per cent following Musk’s tweet, even though he was bashed by a lot of crypto enthusiasts for the tweet.
A meme currency based on an already existing meme coin may not be the best investment option. It is likely to remain highly volatile and there is a chance that no one might be working on it.
“Baby Doge seeks to impress his father by showing his new improved transaction speeds & adorableness. He is Hyper-deflationary with an integrated smart staking system built in so more baby doge are being added to your wallet. Simply Love, pet, and watch your baby doge grow,” a description on CoinMarketCap reads.
Elon Musk has been a huge believer in cryptocurrencies. He has helped push the crypto market with his tweets about Bitcoin and Dogecoin. Both the coins were on an upward trajectory for the first half of 2021. These cryptocurrencies gave massive returns before multiple dips.
There have been instances when Musk’s tweets have also led to a dip in the value of various cryptocurrencies. His announcement on Tesla’s decision to not accept Bitcoin as payments, wasn’t received well and eventually led to a market dip in mid-May.
Dogecoin itself has been on a decline in recent times and has been a concern for investors. The meme cryptocurrency was created by software engineers Billy Markus and Jackson Palmer in 2013.