DogeCoin has already been here as a meme cryptocurrency. Now, Baby Doge is another meme cryptocurrency that has come under the spotlight with the tweet of Doge father, Elon Musk. The chief of Tesla tweeted on Thursday about the DogeCoin spinoff, Baby Doge. Since that time, the value of cryptocurrency has nearly doubled. Musk made usage of the lyrics of the popular viral song, Baby Shark, from last year to refer to Baby Doge.
He tweeted “Baby Doge, doo, doo, doo, doo, doo,” as a reference to the popular kids’ song “Baby Shark.” The hashtag #babydoge is now a trend on the social media site after the tweet of Elon. Baby Doge’s price has made its rise up to 98% after the tweet of Musk, even though it was bashed by a lot of crypto enthusiasts.
This meme currency is based on an already existing meme coin. Hence, it may not be one of the best options for investment. It is more likely to remain highly volatile. There are chances that no one would be working on this currency.
CoinMarketCap described Baby Doge saying, “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 doges are being added to your wallet. Simply Love, pet, and watch your baby doge grow.”
Elon Musk has always been a huge believer in cryptocurrencies. He has helped the currency to push the crypto market forward with his previous tweets on Dogecoin and Bitcoin. Both the coins have been on an upward trajectory for the first half of this year. The cryptocurrencies have given massive amounts of returns before sliding down with their price.
There have been instances when tweets of Musk have also led to the dip in the value of various cryptocurrencies. His announcement about the decision of Tesla not accepting Bitcoin as payment was not received well by the audience. And it led to a huge market dip.
Dogecoin itself has been on a major decline in recent times, which has become a concern for many investors. The creators of this meme cryptocurrency are two software engineers, Billy Markus and Jackson Palmer, who developed this currency in 2013.