Baby Doge Records 90% Spike Following Tweet from Elon Musk PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Baby Doge Records 90% Spike Following Tweet from Elon Musk

Baby Doge Records 90% Spike Following Tweet from Elon Musk PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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Dogefather Elon Musk has returned to cryptocurrency commentary on Twitter with another meme-token. Although it’s not Dogecoin he’s interested in this time, the word Doge finds several mentions in his tweet.

The Tesla CEO is in fact talking about new crypto called Baby Doge, which has no connection with the real Dogecoin. And it seems the Musk effect is at work again, with Baby Doge prices skyrocketing almost 90% following the billionaire’s tweets.

Baby Doge Gains 90% Growth After Elon Musk’s Tweets 

Musk is well-known in Twitter’s crypto circles for hot takes on cryptocurrencies. Until recently, he could sway investors by talking up Dogecoin, which touched an all-time high of $0.75 in May. But he might be losing his touch since his latest tweets failed to impact DOGE prices. Instead, they helped a relatively new currency soar by nearly 90%.

Baby Doge is a new cryptocurrency in the meme-token space and it has no relation with Dogecoin. Although, its website claims the crypto has “learned a few tricks and lessons from his meme father, Doge.”

Following Musk’s tweets, Baby Doge prices increased by 90% within minutes. At the time of writing, the currency was trading at $0.000000001937 and recorded a weekly gain of nearly 700%.

IBM Data Suggests Dogecoin More Susceptible to Socia Media Mentions

According to IBM Data and AI Unit, Dogecoin is more likely to react to social media mentions than the flagship cryptocurrency — Bitcoin.

The correlation between the meme token’s price action and social media mentions has been calculated to be 0.74.

The finding doesn’t come as a surprise to many given that  Dogecoin experienced a meteoric rise in the past in response to Musk’s Twitter mentions. The centibillionaire and the Dogecoin community were able to push the currency’s market capitalization up to $90 billion at one point.

That said, Musk seems to have lost his Midas touch with Dogecoin, as the currency is barely trading in the green even after several tweets from him. Although, Musk may have struck a chord with Baby Doge investors, with the developer of the coin claiming that they are willing “to cut off their limb”  to collaborate with him.

Bitcoin Price Action is Also Prone to Musk’s Influence

Meanwhile, Ethereum’s relationship with social media mentions stands at 0.45. As for Bitcoin, it may not be immune to social media-induced price corrections, but their relationship stands at a negligible 0.06.

The largest cryptocurrency is, however, prone to witnessing price fluctuations in response to Musk’s tweets. The Tesla CEO’s announcement of the suspension of BTC payments at the company threw its investors off-balance as it lost nearly half its value in a steep decline in May.

READ  Crypto May Become the Future Currency of Earth, Says Elon Musk with a Warning

#Baby Doge #CEO of Telsa Elon Musk #Dogecoin (DOGE) #Dogecoin Twitter #Elon Musk DOGE support

Source: https://www.cryptoknowmics.com/news/baby-doge-records-90-spike-following-tweet-from-elon-musk

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