The price of Dogecoin bounced back from its lows right after a ‘Baby Doge’ tweet from Elon Musk.
Shortly after Musk’s tweet on Thursday, Coindesk data showed that the cryptocurrency surged over 3% to $0.25. The digital coin has stabilized since then and was trading at $0.24 on Friday morning. Aside from Dogecoin, its spin-off named ‘Baby Doge’ saw a rise in value of up to 120%. Other virtual money that were trading lower such as Cardano, Ethereum, XRP also experienced a slight uptick in their prices. The world’s biggest cryptocurrency Bitcoin, however, was down 3.5% to $33,754.
On July 1, 2021, the SpaceX and Tesla CEO tweeted “Baby Doge, doo, doo, doo, doo, doo.. Baby Doge, doo, doo, doo, doo, doo.. Baby Doge.” The tweet was based from the highly popular kid’s song Baby Shark (by South Korean company Pinkfong).
The hashtag ‘Baby Doge’ currently has over 40K retweets, which apparently meant it was good enough for his fans, who helped the meme currency recover momentarily from its downward spiral.
Elon Musk, a self-proclaimed ‘Dogefather’, has been responsible for driving up Doge prices on many occasions just by sharing various memes and references related to the dog-themed cryptocurrency on his Twitter account.
Dogecoin is actually a parody cryptocurrency made in 2013 by software engineer Billy Markus and Jackson Palmer. The latter jokingly coined the term “Dogecoin” to himself and posted on his Twitter account the now-infamous statement, “Investing in Dogecoin, pretty sure it’s the next big thing.” It then quickly sparked interest from the meme-fueled cryptocurrency community.
CoinMarketCap has described the Dogecoin offspring, “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.”
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