Elon Musk, a crypto lover and Tesla CEO, has a new favorite: Baby Doge. What exactly is it? A fork of the current meme cryptocurrency Dogecoin. Yes, the joke has run its course. In 2021, cryptocurrency has fully expanded, and alternative tokens or altcoins are ruling the landscape. The year started with the Dogecoin boom, due to Elon Musk and his tweets, followed by the Shiba Inu coin, and now we have the Baby Doge.
Until recently, Baby Doge, a relatively obscure cryptocurrency, almost quadrupled in value following Musk’s tweet on it on Thursday. Musk used the words of a popular Baby Shark song from last year to refer to Baby Doge.
He tweeted, “Baby Doge, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, dooo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, doo, do Following the tweet, the hashtag #babydoge trended on the site.
What exactly is Baby Doge?
Dogecoin’s founders combined the popular Shiba Inu dog of the time with the emerging notion of cryptocurrency. The Shiba Inu dog has long connected with Doge. This theme has grown so popular that others have begun to use it as well. Earlier this year, the dog received its own Shiba Inu coin, and now we have the Infant Doge with the visage of a Shiba Inu baby.
The coin’s Twitter account is shorter than a month old, having launched 22 days ago. Baby Doge’s website attributes its creation to “fans and members of the Dogecoin online community.” According to the website, this currency has an “integrated smart staking mechanism,” which allows users to add additional coins to their wallets with each transaction.
“Baby Doge wishes to impress his father by demonstrating his new enhanced transaction speeds and adorableness.” He is hyper-deflationary, with an integrated intelligent staking system that adds additional baby doge to your wallet. Love, pet, and watch your baby doge grow,” according to a CoinMarketCap summary.
Baby Doge now has a market cap of $0.2 billion, which may not seem like much compared to Dogecoin or Bitcoin, but it is significant for a currency that was just found a month ago. Dogecoin founded as a joke and not based on the same principles as Bitcoin or Ethereum. All of the new currencies inspired by its look to be considerably weaker due to social media mentions.
Despite the fact that Elon Musk has raised the price of Baby Doge. It should not be taken too seriously because it is a fork of an already existing meme coin.
Even Musk’s post did not garner a good response, as many crypto investors accused Musk of manipulating the cryptocurrency market.