TL;DR Breakdown
• The new cryptocurrency BabyDoge increases in value by 700 percent after Musk’s tweet.
• Elon Musk and Jack Dorsey plan to meet to talk about cryptocurrencies.
Tesla CEO Elon Musk’s tweets have gained popularity in recent months because it raises the cryptocurrencies price. This time he tweeted #BabyDoge, and that was enough to increase the cryptocurrency meme price. But Musk was not talking about Dogecoin but the alternate token not even a month old.
BabyDoge, the new cryptocurrency, is derived from the Dogecoin token. It has a similar algorithm but a much lower value. However, with the billionaire’s tweet in which he showed his support for crypto, its value increased to 700 percent.
The cryptocurrency capitalizes above $0.2 billion, with its value increasing in less than 24 hours. This is relevant for a crypto that is not a month old and showed low growth expectations.
CoinMarketCap, the cryptocurrency financial information company, suggests that the token seeks to impress its father. This new cryptocurrency promises better transaction speed, more security, and an automated system. But Dogecoin is based on Bitcoin technology but without entering the mining stage.
Musk posted a BabyDoge tweet in which he referenced a top-rated children’s song. Although some people support Musk and his tweets, the comments were reasonably unbiased.
Traders have criticized even Musk for manipulating the crypto market in his favor. The hashtag #BabyDoge is a trend on Twitter, and even the official account of the token appreciated the support.
Elon Musk shows his support for BabyDoge, but is it real?
The SpaceX founder and also Tesla CEO has entered the crypto field a lot. In 2021 Elon Musk has generated much news to support or deny ecologically “dangerous” cryptocurrencies.
Elon even appeared on SNL under the nickname “DogeFather,” which gave his support for Dogecoin synonymous. Although Musk promoted DOGE trading and put it on the map, he has also caused Bitcoin to lose value. Elon Musk is hated and branded as an influential speculator on cryptocurrencies.
Crypto experts think that Musk’s support for BabyDoge is not legitimate. However, this show of affection for the new token achieved that it was recognized worldwide.
Elon Musk plans to meet Jack Dorsey, Twitter CEO, to speak publicly about cryptocurrencies. Dogecoin, Shiba Inu, or even the Baby Doge derivative could increase in value after the event. There is no exact date for the meeting yet, but it could make room for a new crypto hike.
Cryptocurrencies like Bitcoin and Ethereum lost over 50 percent of their value in May. Bitcoin is trading above $33000, but it could increase in value in the coming weeks.
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