A spin-off of Dogecoin called Baby Doge was launched only a few weeks ago, but its price has gone up eight times over the last couple of days. Why? Because Elon Musk tweeted about it!
On Thursday, the Tesla boss tweeted about the novel cryptocurrency, using a reference to the most viewed song on YouTube – Baby Shark.
That wasn’t Musk’s only tweet focused on Baby Doge. A bit earlier, he tweeted an image of Don Corleone (Marlon Brando) from the movie The Godfather, with the caption “Release the Doge!”
Following Musk’s tweets, the hashtag #babydoge started trending on Twitter. Not only that – its price also skyrocketed!
Baby Doge Price Goes Up 8x
Before Musk tweeted about Baby Doge, the price of the crypto was $0.000000002. After his tweets, it jumped to $0.000000000916, which is about a 1.4x price increase.
At the moment of writing, the price of one Baby Doge is $0.000000003742, which is the highest price in its relatively short history.
Still, its rise did start even before Musk got involved. The cryptocurrency made its debut in June and over the course of a month, its price rose by 8 times.
What is Baby Doge and Should You Start Buying It?
Baby Doge is advertised as “Son of Doge,” although the two cryptocurrencies don’t have too much in common. For one, Baby Doge is based on the Binance Smart Chain. Another difference is that Baby Doge transactions come with a 10% fee, which is then redistributed to token holders.
For this reason, many opponents of Baby Doge have called it a pyramid scheme. Basically, due to the way the cryptocurrency works, those with more tokens get to earn more money than others.
However, there’s one big reason why investing in Baby Doge would be the right thing to do. Baby Doge is a charity crypto that donates money to Paws With a Cause, an organization whose works is focused on helping dog shelters.
The big question is whether Baby Doge is a good opportunity for investors? Probably not, as it’s meant to be a charity crypto, not a get-rich-quick scheme. That said, getting the support from Elon Musk is bound to lift Baby Doge’s price as it did with Dogecoin or Bitcoin (before Musk changed his opinion on BTC).
