Elon Musk’s tweets are once again rewriting the foundation of the crypto industry and affecting the prices. Baby Doge, a new cryptocurrency, has skyrocketed after a single tweet from Elon. The cryptocurrency is a Dogecoin spin-off and is not even a month old.
The price of Baby Doge has surged over 700% over the last few weeks. And with the help of Elon’s tweet, it has seen a significant increase in the last 24 hours. Due to this, it now has a market cap of $0.2 billion (at the time of writing), which is quite significant for a month-old cryptocurrency.
Baby Doge’s description on CoinMarketCap reads, “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.”
Elon Musk’s Baby Doge Tweet
The tweet referenced a popular kid’s song, Baby Shark, replacing the lyrics with Doge. While many loved the joke made by the billionaire entrepreneur, the response to this tweet has been quite mixed.
Many crypto experts even criticized Musk for manipulating the industry yet again. This has all led to #BabyDoge trending on Twitter. Baby Doge’s Twitter account even thanked Elon Musk for his tweet.
Elon and Cryptocurrency
Elon is quite well known for tweeting about cryptocurrency and dramatically affecting the industry. He has even appeared on SNL as the Dogefather, further promoting Dogecoin. Then there’s also the upcoming Bitcoin event, where Elon will be joining Jack Dorsey (CEO of Twitter) to have an open conversation about cryptocurrency. It is quite easy to expect that major cryptocurrencies such as Bitcoin and Etherium will see a major change after the event.
All of these tweets have left quite a chaos in the crypto industry. Back in May, the price of Bitcoin dropped over 50% when Musk tweeted that Tesla won’t allow purchasing vehicles with Bitcoin anymore due to environmental concerns. The whole crypto industry lost nearly $1 trillion at one point, and it was the worst time for cryptocurrencies in over a decade.
Let’s hope the same doesn’t happen after his open discussion with Jack, which will most likely occur on 21st July 2021.