Elon Musk’s Tweets Double the Price of Baby Doge

A newer cryptocurrency inspired by Dogecoin and Elon Musk

Dogecoin captured fire in a bottle. It caught fire and the attention of Elon Musk. Its increase in value is solely attributed to the community built around the Shiba Inu meme. Its success showed that meme cryptos can make it big, inspiring the creation of more and more meme tokens.

After tweeting about Dogecoin and influencing the prices of both Doge and Bitcoin, Musk turns his sights to a new token. On July 1st, 2021, Musk exerted his influence on the volatile crypto market with one tweet:

“Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”

The price of Baby Doge doubled as Musk’s followers began trading for the token. The goal of course for any of these meme coins is to gain enough traction and users to boost its price. Often, the community around a token is more important than its actual utility.

Chances are, people are more certain of buying a meme coin if it is supported by a well-known figure or investor. As we speak, the tweet has been liked more than 200 000 times and shared more than 30 000 times. This has happened in the past and even prompted rumors that the Securities and Exchange Commission would investigate Musk.

Source: https://medium.datadriveninvestor.com/elon-musks-tweets-double-the-price-of-baby-doge-638020e26bbf?source=rss——-8—————–cryptocurrency