Following a recent suggestive tweet by Elon Musk, which was seen as the billionaire endorsing the meme coin, Baby Dogecoin, a younger member of the Dogecoin meme coin family, has risen by more than 75%.
After Musk’s post, Baby Doge currency jumped from a 24-hour low of $0.0000000002443 to as high as $0.0000000004448. At the same time, Bitcoin pulled back from its most recent peak of $103,000.
Elon Musk tagged Doge and Minidoge in a Godfather-themed tweet featuring him and his son. The cryptocurrency community interpreted this as a covert endorsement of Dogecoin and Baby Dogecoin.
Baby Doge Coin’s official Twitter account responded to Elon Musk’s tweet asking for clarifications but received no reply.
Following the tweet, Dogecoin and Baby Doge saw huge increases, with Dogecoin rising 4% and Baby Doge rising an incredible 75%.
The Baby Doge team tweeted on December 5th regarding the relationship between Elon Musk’s posts and the Baby Dogecoin’s price movement.
“In the crypto world, the only thing more unpredictable than Baby Doge’s next move is what Elon Musk will post next,” Baby Doge Theme Tweeted
In addition to Elon Musk’s tweet, the newborn dogecoin might contribute to its ecosystem in other ways. To compete with Pump Fun and SunPump, the meme coin’s team is developing its own meme coin generator.
According to its tweet about the project, Puppy Fun will be the name of the memecoin generator.
Given that Solana’s Pump Fun has made close to $100 million since its debut, memecoin generators are viewed as profitable investments for cryptocurrency companies.
Baby Doge Expands To The Solana Network
Since its introduction, Baby Dogecoin has lately spread to the Solana network. Recently, BABYDOGE revealed that their token contract on Solana will expand the amount of networks on which the cryptocurrency asset can function.
Originally introduced on the BNB Chain, the meme coin has also spread to the Solana network.
The project’s legitimacy was increased in late November when Binance revealed a new spot listing for BABYDOGE.
What To Note
- Musk’s tweet and the team’s overall actions were largely responsible for the recent spike in BABYDOGE amid the erratic market conditions and the price retracement of bitcoin.
- Elon Musk frequently posts cryptic tweets on cryptocurrency tokens, which typically causes their value to soar. He actively supported Dogecoin in its early stages, using his X page to advertise it directly until it resulted in legal action.
