Baby Doge is the new favourite of crypto enthusiast and Tesla CEO Elon Musk. What is it? A spinoff of already existing meme cryptocurrency Dogecoin. Yepp, the joke has gone too far. Cryptocurrencies have truly exploded in 2021 and alternative tokens or alt coins are dominating the scene. The year started with the Dogecoin explosion, thanks to Elon Musk and his tweets, before we had the Shiba Inu coin and now, someone has come up with the Baby Doge.
What exactly is Baby Doge? Meet Elon Musk’s new cryptocurrency of choice.
A relatively unknown cryptocurrency till a few days back, Baby Doge nearly doubled in value, after Musk’s tweet on it on Thursday. Musk used the lyrics of viral Baby Shark song from last year and used it to refer to Baby Doge.
“Baby Doge, doo, doo, doo, doo, doo,” he tweeted, as a reference to the well-known kids’ song “Baby Shark.” The hashtag #babydoge trended on the site following the tweet.
What is Baby Doge?
The creators of Dogecoin had merged the popular Shiba Inu dog from the time with the growing concept of cryptocurrencies. Doge has always been associated with the Shiba Inu dog. This theme has become so popular that others also started using it. The dog got its own Shiba Inu coin earlier this year, and now we have the Baby Doge with the face of a Shiba Inu baby.
The coin’s Twitter account states it is less than a month old as it debuted 22 days ago. Baby Doge’s website credits “fans and members of the Dogecoin online community” for developing it. The website also adds that this coin comes with “integrated smart staking system” which allows people to add more coins to their wallets with each transaction.
“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,” a description on CoinMarketCap reads.
Baby Doge has a market cap of $0.2 billion (at the hour of composing) which may not sound huge before Dogecoin or Bitcoin yet, is huge for a somewhat new coin saw as under a month prior. Dogecoin itself was made as a joke and comes up short on basics like Bitcoin or Ethereum. Every one of the new coins motivated by it are further an aftereffect of web-based media makes reference to and appear to be much more vulnerable.
Despite the fact that Elon Musk has helped the cost of Baby Doge, it ought not be made too much of, considering that is a side project on an all around existing image coin. Indeed, even Musk’s tweet didn’t get a positive reaction and a ton of crypto financial backers reprimanded the Tesla boss for controlling the crypto market.