Dogecoin spin-off ‘Baby Doge’ price jumps after an Elon Musk tweet

Photo Credit: HITC

After Dogecoin, Baby Doge is the new entrant in the club of cryptocurrencies whose valuation rose massively after the tweet from Tesla CEO Elon Musk. On July 1, he posted a Baby Shark song on Twitter – with the Baby Doge theme laid on top. This eventually led to the surge in the price of Baby Doge cryptocurrency, which is the biggest price hike ever. 

Baby Doge traded at around Rs 0.000000063612 on July 1. But right after Elon Musk’s tweet, the price of the coin rose above 1.4x to hit Rs 0.000000155717, which was the highest ever price in Baby Doge’s short existence. It rose 8x last month since its debut back in June.  But after sometime when there were reports on Musk’s tweet and the crypto’s prices, the coin prices fell down.

Earlier, Dogecoin, which started as a joke or an Internet parody based on a viral dog meme, has earlier skyrocketed to 800%.

Musk had posted a Twitter poll, asking his 45.8 million followers to choose "the future currency of Earth." He gave two options: "Dogecoin to the Moooonn" or "All other crypto combined."