After Dogecoin (DOGE) and Shiba Inu (SHIB), Elon Musk has a new pet crypto: Baby Doge. Yesterday, the Tesla boss tweeted about the brand-new crypto and its price shot up by 130%.
“Baby Doge, doo, doo, doo, doo, doo” is the Tweet that Elon Musk posted yesterday, referring to the children’s song “Baby Shark” –the most watched video on YouTube with billions of views. An hour earlier, he had tweeted: “Release the Doge!” With all these tweets, Elon Musk is undoubtedly one of the biggest influencers of the cryptocurrency price.
Baby Doge is a cryptocurrency born exactly 22 days ago. According to CoinGecko, its price has increased by 549.5% since its inception. It is currently trading at $0.000000001509.
Differences exist between the ‘father’ Dogecoin and his ‘son’, Baby Doge. Dogecoin is a coin, while Baby Doge is a token. Dogecoin works on its own chain, independently of a parent network like Bitcoin (BTC) or Ethereum (ETC). Baby Doge’s transactions are done on the Binance Smart Chain (BNB). From this point of view, crypto is therefore much closer to Shiba Inu (SHIB).
To summarise, it is possible to mine Dogecoin and create it, whether to preserve it or to exchange it. Conversely, Baby Doge tokens are pre-mined. In other words, the money supply of the Dogecoin is infinite, while that of the Baby Doge is set and already in circulation. There are 420 billion Baby Doge tokens circulating and about 130 billion DOGE.
Last week, Elon Musk adopted a Shiba Inu puppy named Floki, which may explain why he fell in love with Baby Doge as of late. Why is Elon Musk so attached to DOGE? In a tweet on 25th May 2021, he responded that DOGE has dogs and memes, while the other cryptocurrencies do not.
A new currency has emerged, and Elon Musk has decided to immediately pump it with his tweets. One thing is certain: the Baby Doge story is only just getting started.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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