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Dogecoin Spinoff 'Baby Doge' Sees 98% Jump After Elon Musk's 'Baby Shark' Tweet

Image credits: Elon Musk/Baby Doge/Twitter.

Image credits: Elon Musk/Baby Doge/Twitter.

Baby Doge, a spinoff of Dogecoin, was up nearly 40% almost instantly after Elon Musk's tweet referencing Pinkfrog's 'Baby Shark' song.

If you’ve been on the Internet, you have had to heard Pinkfrog’s ‘Baby shark’ song, which went viral in 2020, and has since become one of the most viewed videos on YouTube, beating top songs like Despacito. If you thought a year later the song was out-dated, Tesla CEO and SpaceX boss, Elon Musk just brought it back - with a small twist. Changing the lyrics, Musk has changed the shark to ‘Doge.’ Dogecoin started as a joke. In 2021, however, the joke appears to have turned on those who didn’t take the meme cryptocurrency seriously. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about reached an all-time high in mid-April, crossing 10 cents for the first time. While the rally has led to occasional surges, the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk, its unlikely the currency is going “to the moon."

‘Baby Doge,’ just might. While Musk’s ‘Doge’ version of ‘Baby Shark’ witnessed a minor change in Dogecoin’s value, with 3% gains, but the overall value over 24 hours still remained in negative. A spin-off of Dogecoin, ‘Baby Doge,’ however, saw a more lasting impact. Musk tweeted, “Baby Doge, doo, doo, doo, doo, doo," a reference to the well-known kids’ song “Baby Shark." The hashtag #babydoge trended following the tweet.

Baby Doge, was up nearly 40% almost instantly, according to CoinMarketCap. The price of the coin more than doubled after Musk’s message, according to data from CoinGecko - it showed that the price rose to $0.000000002000 at 10:53 a.m. in New York from $0.000000000916 just before the tweet. As of 8:15 AM IST, (+5:30 GMT), it has witnessed a 98.07% rise in 24 hours, with the current price being $0.00000001.

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From CoinMarketCap data on the page, Baby Doge is described as having “learned a few tricks and lessons from his meme father, Doge Coin. A Birthed by fans of the Doge community. 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."

In late June, the tech billionaire tweeted how he would be naming his Shiba Inu as Floki. Soon after the tweet that was posted at 4:33 pm IST on Friday, the Musk Effect worked its wonders, and prices of Shiba Inu Coin witnessed a 16 percent rise when it reached $0.00000790 on CoinMarketCap at 4:53 pm IST, reported CNBC.

Musk has 57.5 million followers on the Twitter handle, and soon many of them invested in the new cryptocurrency. Shiba Inu coin could be considered a rival of Dogecoin considering how they both have a similar symbol of the Japanese breed dog. And if that was not enough, Shiba Inu coin also goes by the nickname “dogecoin killer.” The official website of Shiba Inu describes itself as an experiment in decentralised spontaneous community building, founded in August 2020.

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first published:July 02, 2021, 08:24 IST