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Musk’s tweet makes Baby Dogecoin memecoin value jump in hours
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Last Saturday, 7th, the memecoin Baby Dogecoin (BABYDOGE) had an impressive appreciation of 63.95%. This rise surprised the market and coincided with a tweet from Elon Musk. A prominent figure in the world of cryptocurrencies, the Tesla CEO published an image on his Twitter profile. In the image, Musk is carrying his son on his shoulders, accompanied by the words “Dodgfather” and “Dodgson”, with the famous font from the film “The Godfather”, by Francis Ford Coppola.
The impact of Musk’s tweet was immediate. THE Baby Dogecoin price jumped from a low of $0.000000002530 at 4:08, 48 minutes before Musk’s post, to a high of $0.000000004148 just 5 hours later.
The move occurred at a time when Bitcoin also reached a new all-time high, surpassing the US$103,900 mark. The boosting role of Musk’s tweets in the performance of cryptocurrencies is nothing new; In 2021, after a series of tweets from him about Dogecoin, the price of memecoin jumped more than 800% in a few weeks.
Baby Doge (BABYDOGE) was born as a joke within the parent memecoin community, DOGE, with the aim of help save dogs and spread awareness about pet adoption. The great strength of cryptocurrency is its community. There are around 2.6 million followers on X, 658 thousand followers on Instagram and US$2.5 billion worth of tokens in wallets on the Binance platform. Community members actively participate in discussions, contributing ideas to the project, as well as getting involved in charitable initiatives
Memecoin not so meme
According to information taken from the project website, the project managers BABYDOGE have donated nearly $1.4 million to animal adoption organizations and others that promote animal welfare. Donations are largely funded by transactions within the community, where a 3% fee is charged on each transaction fee.
Launched in around 2021, memecoin has experienced a series of rises, followed by falls, throughout its brief history. THE The highest peak reached by memecoin was on January 16, when it was priced at U$0.000000006193. The team also waived token contract rights for the Solana network, expanding Baby Dogecoin’s presence beyond Binance Chain, where it was launched. Currently, the market value is very close to US$1 billion.
Musk’s tweet makes Baby Dogecoin memecoin value jump in hours
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Musk’s tweet makes Baby Dogecoin memecoin value jump in hours
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Musk’s tweet makes Baby Dogecoin memecoin value jump in hours
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Musk’s tweet makes Baby Dogecoin memecoin value jump in hours
