Money and Markets

A dogecoin spinoff called baby doge doubled in price following an early-morning tweet from Elon Musk

Business Insider US
The "Doge" meme. Zora
  • New cryptocurrency baby doge coin surged following a tweet from Elon Musk.
  • The tweet read in part, "Baby doge, doo, doo, doo, doo, doo," a reference to the "Baby Shark" song.
  • The price of baby doge coin doubled, according to CoinGecko.
  • For more stories go to www.BusinessInsider.co.za.

A tweet from Elon Musk caused the price of a new meme cryptocurrency called "baby doge coin" to surge.

Musk tweeted "Baby doge, doo, doo, doo, doo, doo," in reference to the well-known kids' song "Baby Shark." The hashtag #babydoge trended on the social media site following the tweet.

The price of the coin, trading as BABYDOGE, more than doubled following the Musk's message, according to data from CoinGecko, which showed the price rose to $0.000000002000 at 10:53AM in New York from $0.00000000916 just before the tweet.

Musk's tweet came just an hour after another one, in which he said "release the doge," which prompted dogecoin, now known as the father of "baby doge coin," to also rise.

Musk has become one of the biggest drivers behind moves in the cryptocurrencies this year, and his tweets have often sparked a bout of volatility in the price of coins he mentions.

Dogecoin began as a joke in 2013 and has since become a mainstream digital asset. Baby doge coin is now a new addition to the crypto world.

According to a description from CoinMarketCap, "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.

Get the best of our site emailed to you every weekday.


Go to the Business Insider front page for more stories.

Rand - Dollar
16.61
+1.0%
Rand - Pound
20.07
+0.9%
Rand - Euro
16.94
+0.8%
Rand - Aus dollar
11.60
-0.1%
Rand - Yen
0.12
+1.0%
Gold
1,788.72
+0.8%
Silver
20.65
+3.8%
Palladium
2,244.50
+5.4%
Platinum
944.50
+0.8%
Brent Crude
94.92
+0.8%
Top 40
63,771
+1.0%
All Share
70,266
+1.1%
Resource 10
65,045
+1.5%
Industrial 25
85,829
+1.1%
Financial 15
15,741
+0.4%
All JSE data delayed by at least 15 minutes Iress logo