While the overall cryptocurrency market continues to struggle, amidst plummeting prices, Baby Doge, a newly created cryptocurrency’s price jumped by over 100% in a matter of hours. Elon Musk’s tweet about the new meme token triggered a substantial price rise.
“Baby Doge, doo, doo, doo, doo, doo,” is what Tesla CEO Elon Musk said in his tweet. He morphed the lyrics of a popular Baby Shark song. As soon as he published the tweet, the price of the newly created baby DOGE started rising. In a matter of hours, #babydoge was trending on Twitter.
The response from crypto enthusiasts and Twiterrati has been mixed so far. While many tried to make good of the opportunity and started buying Baby Doge, Musk also received criticism as many just saw it as if he was once again deliberately trying to push prices. Elon Musk has previously been accused of manipulating the market by publishing tweets which are speculative and massively impact the prices.
Baby Doge comes from Dogecoin that started as a joke and a meme currency back in 2013, today has become one of the largest currencies by market cap. Dogecoin has over the years emerged as the mascot of cryptocurrency supporters or traders.