Key Takeaways
- Elon Musk’s tweets can significantly impact cryptocurrency prices, as seen with BABYDOGE’s 75% surge.
- BABYDOGE’s recent developments, including expansion to Solana and a Binance listing, are boosting its visibility.
- Cryptocurrency markets remain highly volatile and heavily influenced by social media trends and sentiment.
Baby Doge Coin increased by more than 75% when Elon Musk released a black-and-white Godfather-inspired tweet.
Bitcoin (BTC) has lately experienced volatility after reaching a new all-time high of $103,900, while Baby DogeCoin (babydoge) has outperformed current market circumstances.
Following Musk’s tweet, the price of BABYDOGE increased from a 24-hour low of $0.0000000002443 to a high of $0.0000000004448. Musk has already shown his sway over the cryptocurrency market. His prior tweets regarding Dogecoin caused a price pump and led to a lawsuit.
The Tesla founder tweeted a photo of himself and his kid with the words “Dogefather” and “Dogeson” modeled after the insignia from the 1972 film “The Godfather.” In response to the tweet, he mentioned “Doge & Minidoge”. Following the tweet, DOGE’s price increased by more than 4%, while BABYDOGE increased by more than 75%.
The official X account of BABYDOGE also responded to the tweet, “You mean babydoge?”. On December 5, the Baby Doge team tweeted: “In the crypto world, the only thing more unpredictable than BabyDoge’s next move is what Elon Musk posts next.” On the development front, the meme coin team has been preparing to establish its meme token launch site, puppy.fun.
BABYDOGE has recently resigned their token contract on Solana. The meme coin, which was first introduced on the BNB Chain, has now expanded to the Solana network. In late November, Binance issued a new listing for BABYDOGE.
The current spike in BABYDOGE under unpredictable market conditions can be credited mostly to Musk’s tweet as well as the overall developments by their team.
Final Thoughts
The 75% increase in Baby Doge Coin highlights the volatile nature of the cryptocurrency industry, which is heavily influenced by social media and high-profile people like Elon Musk. Even if there might be opportunities in the short term, the long-term outlook is still unclear, especially since the market mood can change significantly. With the hype around these coins as well as the underlying fundamentals that could impact their long-term survival in the highly competitive cryptocurrency market, investors should proceed with caution.
