A tweet from Elon Musk caused the price of a new meme cryptocurrency, called “baby doge coin” to surge.
Elon Musk tweeted “Baby Doge, doo, doo, doo, doo, doo,” in reference to the well-know kids’ song “Baby shark.” The hashtag #babydoge trended on the social media platform following the tweet.
According to data from CoinGecko, the price of the coin, that’s trading as BABYDOGE, more than doubled following the Elon Musk tweet. The price rose to $0.000000002000 at 10:53AM in New York from $0.00000000916 just before the tweet.
Musk’s tweet followed just an hour after a previous one, in which he tweeted, “release the doge,” which prompted Dogecoin, now known as the father of “baby doge coin,” to also rise.
Elon Musk has become one of the biggest drivers behind moves in the cryptocurrencies this year, and his tweets have often sparked a bout of volatility in the price of the coins he mentions.
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