‘Baby Doge’ went off, the new cryptocurrency tweeted by Elon Musk

‘Baby Doge’ went off, the new cryptocurrency tweeted by Elon Musk

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‘Baby Doge’ went off, the new cryptocurrency tweeted by Elon Musk

Baby Doge Coin It was a trend this week on social media. And, once again, we must look to the same side: Elon Musk. The CEO of Tesla and SpaceX tweeted something as simple as “Baby Dodg, Doo, doo, doo, doo” and in a few days the price of this little “daughter” of dogecoin went up.

The hashtag “Baby Doge” had more than 27,000 tweets after Muskt tweeted using a play on the Baby Shark song. For now, BabyDoge, as it trades, has seen its value rise by more than 80% in a 24 hour period, while the “Dogefather” helped draw general attention to the world of cryptocurrencies.

According to CoinGecko, the price of the cryptocurrency rose to 0.000000002000 dollars from 0.000000000916 dollars after the tweet.

Baby Doge is only about a month old, according to the project’s social media account. The Baby Doge Coin team says they are growing at a rate of 195,000 holders in that time, including an additional 25,000 users on the day of Musk’s tweet and “more every minute.”

Dogecoin is considered its “father”, with a particularity: unlike this, whose supply can be infinite, Baby Doge aims to be of “Deflationary nature”, which means that it values ​​scarcity.

After Musk’s tweet boom, the currency continued to grow: today it already passes 250 thousand forks.

One of Baby Doge’s key use cases is saving dogs – it’s associated with an organization called “Paws with Cause”, or “legs with a cause,” which works with dozens of US shelters, for its inaugural donation.

Baby Doge Coin drew up a multi-phase roadmap for the project, involving growth of its user base, airdrops, NFT and a gift from Tesla.

Based on comments from Reddit members, crypto investors appear to be divided on whether Baby Doge is the real deal or just another knockoff trying to reap the benefits of its oldest and greatest inspiration: Dogecoin.

The price behind Musk’s tweet. Baby Doge Coin

The truth is that its creators assure that it is the best community currency in the world, and the one that offers a higher transaction speed at a lower cost than its predecessor, dogecoin.

Meanwhile, the Federal Reserve “warns” about cryptocurrencies

‘Baby Doge’ went off, the new cryptocurrency tweeted by Elon Musk

Baby Doge Coin

The frenzy for digital, including calls to create official cryptocurrencies, may seem an unfortunate passing fada senior official at the United States Federal Reserve (Fed) said on Monday.

“America’s centuries-long enthusiasm for developments” has been mostly beneficial, said Fed Vice Chairman Randal Quarles.

However, he warned that when that enthusiasm “is coupled with the equally American susceptibility to novels and the fear of missing something, it is also has sometimes led to massive suspension of our critical thinking and to occasionally impetuous and illusory fads or fads. “

‘Baby Doge’ went off, the new cryptocurrency tweeted by Elon Musk

United States Federal Reserve. Photo Reuters.

Central bank digital currencies (CBDCs) could pose serious risks and would not solve any of the problems in the financial system, Quarles said in a speech at the Utah Bankers Association.

He reiterated his skepticism that the United States has a CBDC and sought to appease what he sees as over-enthusiasm.

When a fad like baggy skydiver pants appears in the 1980s, the consequences are merely “puzzling or embarrassing” but with a coin it could be more serious.