Dogecoin Sees Brief Rally After Elon Musk Tweets 'Baby Doge'

Aside from Dogecoin, a spinoff called Baby Doge saw its value go up 120 percent

By Edited by Gadgets 360 Newsdesk | Updated: 2 July 2021 11:39 IST

Dogecoin Sees Brief Rally After Elon Musk Tweets 'Baby Doge'

Photo Credit: Screenshot/ Twitter

Elon Musk's tweets continue to have an irrational impact on Dogecoin prices

Highlights

Elon Musk tweeted the Baby Shark lyrics but changed Shark to Doge
Even this joke tweet helped raise Dogecoin prices briefly
A spinoff called Baby Doge saw its value go up 120 percent in 24 hours

Dogecoin price rallied briefly after an Elon Musk tweet, again. The Tesla and SpaceX CEO once again tweeted a joke where he worked in Dogecoin, and predictably, prices went up for a little while. Musk tweeted the popular kid's song Baby Shark (by South Korean company Pinkfong) but instead of Baby Shark, he wrote Baby Doge. Apparently that was good enough for his fans, who helped the meme currency recover briefly from its downward spiral.

Shortly after Musk's tweet on Thursday, Dogecoin surpassed the psychological barrier of $0.25 (roughly Rs. 18.69). It has stabilised since and was trading at $0.24 (roughly Rs. 17.94) Friday morning IST, according to CoinDesk. The Dogecoin price in India currently stands at Rs. 18.9, with a 24-hour change of -1.9 percent, in line with the overall trend in the cryptocurrency market prices.

The ‘Baby Shark' song became a huge hit on YouTube in November last year. Musk appeared to have used the song's popularity to reach a wider audience and push the meme currency's brief rally.

Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge
— Elon Musk (@elonmusk) July 1, 2021

Baby Doge, a Dogecoin spinoff, saw a meteoric rise over the past 24 hours, gaining more than 120 per cent in value, according to CoinMarketCap. Bitcoin's value continued to go south, losing 3.5 per cent in the past 24 hours, CoinDesk data showed.

Musk has raised concerns about Bitcoin driving up the use of fossil fuels for mining and trading. In a U-turn, his electric vehicle-making company Tesla said it would not accept the world's largest cryptocurrency as payments, after announcing that it would do so. Of late, Musk has appeared to show more faith in Dogecoin, and his commercial space exploration company SpaceX is set to put “a literal Dogecoin on the literal Moon."

SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021

His latest tweet about Dogecoin has been received well by many of his over 57 million followers.

ahahahaha you are crazy man pic.twitter.com/tmoL5GVxaW
— cryptoEliZ ????✍️ (@eliz883) July 1, 2021

Another user called Musk the “Daddy Shark”.

Elon the daddy shark...he really wants to tweet about $AMC pic.twitter.com/EkmTm2BdqQ
— TaraBull???????????? (@TaraBull808) July 1, 2021

A third user posted an edited photograph of Musk and the “Doge” in spacesuits and ready for the Moon mission.

???????? pic.twitter.com/m0wi9GooYn
— DOGECOIN TURKEY ???????? (@Dogecoin_Turkey) July 1, 2021

One other user just had fun seeing Musk tweet again about Dogecoin and fuel its rise.

Wow! #doge #dogearmy #DogecoinRise pic.twitter.com/lyPLAVDKLp
— Passive Income Strategies ???????????????? (@income_dividend) July 1, 2021

Musk, a self-proclaimed 'Dogefather', has often pumped Doge prices by sharing references and memes about the dog-themed crypto on his Twitter account.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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