Dogecoin price shoots up by 10 percent after a tweet from Elon Musk on Baby Doge

A new tweet from Elon Musk breathes life into Bitcoin.

Highlights
  • Elon Musk has posted a new tweet mentioning Baby Doge.
  • The price of Dogecoin was increased by up to 10 percent after the tweet from Elon Musk.
  • The price of the Dogecoin spin-off cryptocurrency Baby Doge grew by 130 percent after the tweet.

Dogecoin started as a meme but it gained popularity in a very short period of time and it was doing quite well in terms of value. The cryptocurrency market, however, has been very unstable in the past few months. The value of Dogecoin, in particular, has been continuously going down only to see a rise every now and then thanks to Tesla CEO Elon Musk. The latest tweet from Elon Musk gave Dogecoin yet another push. The irony is that the tweet wasn’t even meant for Dogecoin in any way. It was focused towards the Dogecoin spin-off, Baby Doge, the price of which also bumped significantly after the tweet from Elon. Let us have a look at the details.

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Dogecoin price increases after a tweet from Elon Musk

On Thursday, June 1st, Elon Musk made a tweet in which he wrote the Baby Shark poem. However, Elon replaced the ‘Baby Shark,’ with ‘Baby Doge.’ Soon after the tweet, the price of Dogecoin jumped from around $0.2398 (Rs 17.94) to around $0.2567 (Rs 19.21). That’s almost a 10 percent jump in the price of Dogecoin, thanks to the tweet from Elon. It is also worth mentioning that an earlier tweet from Elon in which he said “Release the Doge” along with a meme related to the Godfather movie, might have also affected the prices of Dogecoin.

Baby Doge price doubled the tweet from Elon Musk

The Baby Doge tweet, however, was focused towards Dogecoin spin-off cryptocurrency Baby Doge. And Elon’s tweet seems to have hit the target right in the eye. The price of Baby Doge was hovering around $0.000000000916 before the tweet from Elon Musk. However, after his tweet, the price of Baby Doge jumped to $0.000000002108. That is a 130 percent increase in the price. Elon Musk has recently been posting tweets related to a few cryptocurrencies, which have resulted in a bump in the prices of those cryptocurrencies. However, Elon’s company, Tesla, has stopped taking accepting cryptocurrency because it believes cryptocurrency uses a lot of energy.