- Baby Doge is a cryptocurrency that has been around for less than a month.
- Baby Doge has become well-known as a result of Elon Musk's tweet.
- Since the tweet, the price of Baby Doge has nearly doubled.
A fork of the popular meme cryptocurrency Dogecoin. Yes, the prank has gotten out of hand. Alternative tokens, also known as alt coins, have dominated the cryptocurrency industry in 2021. The year began with the Dogecoin explosion, owing to Elon Musk's tweets, and then there was the Shiba Inu coin, and now there is the Baby Doge.
After Musk's post on Thursday, Baby Doge, a relatively unknown cryptocurrency until a few days ago, nearly doubled in value. Musk repurposed the words from last year's viral Baby Shark song to refer to Baby Doge.
Baby Doge, doo, doo, doo, doo, doo," he tweeted with hashtag #babydoge.
Dogecoin's developers combined the popular Shiba Inu dog of the time with the burgeoning cryptocurrency notion. The Shiba Inu dog has traditionally been associated with Doge.
,This theme has grown in popularity to the point where it is now being used by others. Earlier this year, the dog received its own Shiba Inu coin, and now we have the Baby Doge with the face of a Shiba Inu babyZ.
"Baby Doge tries to impress his father by demonstrating his better transaction speeds and cuteness. He's hyper-deflationary, with a built-in clever staking system that keeps adding baby doge to your wallet. “All you have to do is love, pet, and watch your baby doge grow,” according to a description on CoinMarketCap.
Baby Doge has a market cap of $0.2 billion (June 3rd,2021), which may not seem like much in comparison to Dogecoin or Bitcoin, but is considerable for a coin that was only created a month ago.
Dogecoin was designed as a joke and does not have the same principles as Bitcoin or Ethereum. All of the new coins that have been inspired by it are a result of social media mentions and appear to be even weaker.
Despite the fact that Elon Musk has increased the price of Baby Doge, it should not be taken seriously because it is a spinoff of an already existing joke currency. Even Musk's post was met with scepticism, with many crypto investors accusing him of manipulating the cryptocurrency market.
