Yesterday, Elon Musk did his thing and tweeted yet another tweet about cryptocurrencies, which you can see below.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge— Elon Musk (@elonmusk) July 1, 2021
The tweet helped to send the Baby Doge cryptocurrency up 5%. But you could be forgiven for never having heard of Baby Doge before. So just what is this new cryptocurrency? Here’s what you need to know.
- What is Baby Doge? It’s yet another meme cryptocurrency whose owners are hoping to get rich overnight.
- Is Baby Doge related to Dogecoin? In name only. Baby Doge bills itself as the “Son of Doge.” In other words, it’s hoping to benefit from the hype that Dogecoin has garnered this year. As the coin’s official website explains:
Baby Doge Coin has learned a few tricks and lessons from his meme father, Doge. A new crypto birthed by fans and members of the Doge Coin online community. Baby Doge seeks to impress his father by showing his new improved transaction speeds and adorableness. He is hyperdeflationary with an integrated smart staking system built in to reward you, so more baby doge coins are being automatically added to your wallet each transaction.
- What is Baby Doge’s ticker? BABYDOGE.
- Why was Elon Musk hyping Baby Doge? Who knows. But there’s also a chance he might not have been, and instead, his tweet may have been referencing Dogecoin. As MarketWatch points out, Musk may have been parodying the infuriating children’s song “Baby Shark” by replacing “shark” with “doge.”
- Should I buy Baby Doge? Only if you wouldn’t mind losing everything. Like so many cryptocurrencies, Baby Doge is just a speculative digital asset that has no strong underlying fundamentals. Most cryptocurrencies rise because people buy them hoping others will continue to buy them and they can sell off their share before everyone does the same. That’s why with any cryptocurrency you should only invest what you can afford to lose.
Correction: An earlier version of this story misstated the coin’s ticker symbol.
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