After Dogecoin, it is now Baby Doge’s time under the sun. Overnight, a tweet by Elon Musk sent a purely obscure cryptocurrency’s price soaring through the roof. The tweet, seemingly innocuous, was a take on the popular ‘Baby Shark’ song, but citing Baby Doge instead. Subsequently, this tweet sent prices of the very little known Baby Doge cryptocurrency through the roof (by its own standards, of course). While this has become a seemingly regular feature, the incident has not been taken well by everyone – especially those who are attempting to push for regulation in the crypto space to make them viable everyday investments.
Musk’s tweet from yesterday afternoon was a clear push for the Baby Doge cryptocurrency, which, prior to the tweet, was priced at around Rs 0.000000064909. Even with its sub-decimal price, Baby Doge was already up by almost 800 percent (8x) from its all-time low, which is when it was introduced. However, while the coin was trading mostly flat through recent days, it suddenly went on a spike after Musk’s tweet, seeing its price rise up to an all-time high of Rs 0.000000155717. This was about 140 percent higher than what it was before the tweet, and almost 2000 percent (20x) higher than its all-time low. Put in simpler terms, between June and now, investing Rs 10,000 in Baby Doge back in June could have potentially returned you about Rs 2.05 lakh, post Musk’s tweet.
However, it remains very unclear if it is really worth investing in, and whether the coin even has promoters actively working on it. The coin’s description on public coin tracker boards states, “Baby Doge seeks to impress his father by showing his new improved transaction speeds and 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.” There are no specific details on the coin’s working model, transaction model or further details as such.
It is this that has seen many experts throw flak at Musk for pushing crypto prices without backing up whether they would really be good for regular investors. The allegations are on the same line as Musk’s other crypto related tweets, which have been noted as causing factors behind wild crypto price fluctuations. The coin, at the moment, is trading 7.6 percent below its above-mentioned all-time high. However, volatility is likely to persist, and with Baby Doge not being on any major crypto index, makes for an even more dubious investment proposal.
