The price of the Baby Doge -- a spin-off of Dogecoin -- surged after a tweet from Tesla and SpaceX chief Elon Musk. On Thursday, Musk, hailed as the Dogefather, tweeted, “Baby Doge, doo, doo, doo, doo, doo," in a reference to the well-known kids' song Baby Shark.
The hashtag #babydoge trended on the site soon after.
The price of the Baby Doge crypto more than doubled and rose to $0.000000002000 from $0.000000000916 after the tweet, according to CoinGecko.
Before that, Musk had tweeted a meme -- an image of Marlon Brando from the iconic movie The Godfather -- and said "Release the Doge!"
The Baby Doge
The developers of Baby Doge claim that it is the world's best community coin. Baby Doge --all of only 22 days old -- reportedly offers a faster transaction speed at lower costs than its 'father' Dogecoin, which began as a joke in 2013.
According to the official Baby Doge website, "Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge. A new crypto birthed by fans and members of the Dogecoin online community. Baby Doge seeks to impress his father by showing his new improved transaction speeds and adorableness. Simply love, pet, and watch your Baby Doge grow."
The website adds that Baby Doge is "hyper-deflationary with an integrated smart staking system built in to reward you, so more Baby Doge coins are being automatically added to your wallet with each transaction."
Baby Doge is based on the Binance blockchain, while Dogecoin runs on its own blockchain network.
There are 4,20,000 trillion Baby Doge coins and no supply cap, according to a Market Realist report.
Before Baby Doge, another Dogecoin knock-off Shiba Inu, received some love from Musk. On June 25, he had tweeted, "My Shiba Inu will be named Floki." Hours after the tweet, the value of Shiba Inu coins surged to a six-week high.
According to a recent survey, the Tesla boss
is the most influential personality when it comes to financial markets. A study by Money.co.uk also found that Elon Musk topped the list of celebrities most likely to impact stocks.
The overall reduction in the value of crypto was also linked to Tesla announcing it won’t be accepting payments in virtual currencies due to its immense energy consumption.
(Edited by : Shoma Bhattacharjee)