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.
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 time of writing) which may not sound big in front of Dogecoin or Bitcoin but, is significant for a relatively new coin found less than a month ago. Dogecoin itself was created as a joke and lacks the fundamentals like Bitcoin or Ethereum. All the new coins inspired by it are further a result of social media mentions and seem even weaker.
Even though Elon Musk has boosted the price of Baby Doge, it should not be taken too seriously, given that is a spinoff on an already existing meme coin. Even Musk’s tweet didn’t receive a positive response and a lot of crypto investors criticised the Tesla chief for manipulating the crypto market.