Baby Doge is the new favorite of crypto enthusiasts and Tesla CEO Elon Musk. What is it? An offshoot of the existing Dogecoin meme cryptocurrency. Yes, the joke went too far. Cryptocurrencies have really exploded in 2021 and alternative tokens or alternative currencies are dominating the scene. The year started with the explosion of Dogecoin, thanks to Elon Musk and your tweets, before we had the Shiba Inu coin and now, someone came out with the Baby Doge.
A relatively unknown cryptocurrency until a few days ago, Baby Doge nearly doubled in value after Musk tweeted about it on Thursday. Musk took the lyrics from last year's viral song Baby Shark and used it to refer to Baby Doge.
“Baby Doge, doo, doo, doo, doo, doo,” he tweeted, as a reference to the well-known children's song “Baby Shark”. The hashtag #babydoge appeared on the site after the tweet.
What is Baby Doge?
The breeders of Dogecoin merged the popular Shiba Inu dog of the time with the growing concept of cryptocurrencies. Doge has always been associated with the dog Shiba Inu. This theme became so popular that other people started using it too. The dog got its own Shiba Inu coin earlier this year, and now we have Baby Doge with the face of a Shiba Inu baby.
The currency's Twitter account claims it is less than a month old, as it was launched 22 days ago. The Baby Doge website gives credit to “fans and members of the Dogecoin online community” for developing it. The site also adds that this coin comes with an “integrated smart staking system” that allows people to add more coins to their wallets with every transaction.
“Baby Doge seeks to impress her father by showing off her lovely new improved transaction speed. He's hyper-deflationary with a built-in smart stake system built in, so more baby doge are being added to his wallet. Just love, cuddle and watch your baby doge grow,” says a description on CoinMarketCap.
I would cut off a limb to work with you Elon pic.twitter.com/zcQErQ7xoz
— Baby Doge Coin (@BabyDogeCoin) July 1, 2021
Baby Doge has a market capitalization of $0,2 billion (at the time of writing), which may not seem like a lot compared to Dogecoin or Bitcoin, but is significant for a relatively new coin found less than one month. Dogecoin itself was created as a joke and lacks fundamentals like Bitcoin or Ethereum. All new coins inspired by it are the result of mentions on social media and look even weaker.
While Elon Musk raised the price of Baby Doge, this shouldn't be taken too seriously as it's an offshoot of an existing meme coin. Even Musk's tweet did not receive a positive response and many crypto investors criticized the Tesla boss for manipulating the cryptocurrency market.