Insane Social Media Reactions

New meme cryptocurrency Baby Doge doubles in price after Elon Musk tweet

A tweet from Elon Musk on Thursday caused the price of a new meme cryptocurrency called baby doge coin to almost double it’s value.

Musk tweeted, “Baby Doge, doo, doo, doo, doo, doo,” a reference to the well-known kids’ song “Baby Shark.” The hashtag #babydoge trended on the site following the tweet.

The price of the coin more than doubled after Musk’s message, according to data it surged 98% – it showed that the price rose to $0.000000002000 at 10:53am in New York from $0.000000000916 just before the tweet.

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

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

A description from CoinMarketCap said: “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.”