Key Takeaways
- Elon Musk became the unsung hero for Baby Doge investors after his tweet fueled the token value over 75%.
- The recent expansion of the token to major crypto platforms like Binance, and Solana has enhanced its visibility.
- Social Media Trends and sentiments influence the cryptocurrency market as it is volatile.
A single tweet transformed the crypto project Baby Doge. The token instantly surged to 75% followed by the tweet of Tesla and Space X CEO, Elon Musk. Baby DogeCoin outperformed the current market circumstances while Bitcoin experienced volatility after reaching its all-time high of $103,900.
The price of Baby DogeCoin surged from the 24-hour low value of $0.0000000002443 to a high of $0.0000000004448.Musk has already proved his influence over the crypto market. The surge of DogeCoin after his tweets has led to lawsuits in the past.
Musk tweeted a photo of himself and his kid with the caption “Dogefather” and “Dogeson”. Inspired by the 1972 movie “The Godfather”. He mentioned “Doge & Minidoge” in response to the tweet. The DOGES price surged more than 4% and the price of BabyDoge surged by 75% following this tweet.
The Baby Doge Team reacted to this tweet on their X platform “You mean BabyDoge?”. The Baby Doge tweeted The only thing that is more unpredictable is the next move of the Baby Dogecoin is to find what the next post of Elon Musk will be. The development team of the meme coin was preparing to launch its meme coin site.
BabyDoge was first introduced in the BNB chain and it has expanded to the Solana network. Binance issued a new listing of BabyDoge in late November. This upsurge of BabyDoge is mostly due to Musk’s tweet as well as the overall developments by the team. The BabyDoge community plays a key role in the success of the coin. The project has a fanbase that revolves around the token’s growth, memes, and charitable causes.
The long-term success of tokens would depend on various factors other than just tokenomics. The token sustains its value if it has real utility, adoption, and a strong use case beyond speculation. Baby Dogecoin has a dedicated community that supports the growth of the coin. However, the project lacks the fundamental features required for long-term growth. The Baby Dogecoin has to prove its stability if not it could face the same effect as many other meme coins that had a brief surge followed by a steep decline.
BabyDoge: Current Price Analysis
At the time of reporting this, the BabyDoge Coin price today is $6.12e-9.The 24-hour trading volume of $1,189,098,533.In the last 24 hours, BabyDogeCoin surged 44.87 %. The live market capitalization is $983,387,722.The 24-hour trading volume is $518,935,446.The Total Value Locked $2,560,989.The circulating supply of BabyDoge is 162,508,236,041,320,174. The total supply of BabyDoge is 420,000,000,000,000,000. The maximum supply of the BabyDoge is 420,000,000,000,000,000.
BabyDoge tokens are available on centralized crypto exchanges.OKX is the most popular exchange for trading the BabyDoge Coin. The most active trading pair is BABYDOGE/USDT with a trading volume of $63,104,173. In the last 24 hours, Bitget are the other popular exchange for trading BabyDoge.
Final Thoughts
This 75% surge reflects the impact of social media and influencers in speculating the price of BabyDoge.This is also an indication that the cryptocurrency market is volatile. This surge can be considered as a temporary opportunity but the long-term impact is unknown. As the price of these coins is dependent on the market speculations they understand the underlying fundamentals that have an impact on long-term survival. Investors are advised to proceed with caution as the cryptocurrency market is highly volatile.
Read more: How The Crypto Industry Influenced The 2024 U.S. Elections?
