Elon Musk’s “Baby Doge” Tweet Spikes The Dogecoin Price

Elon Musk has continued his Dogecoin rhetoric. The Tesla CEO Elon Musk sent the cryptocurrency world into a tizzy this weekend with tweets about the Bitcoin joke asset called Dogecoin.

Unfortunately, his tweets have now spiked the price of the Shiba Inu, another meme coin.

Related Reading | NFL Star Tom Brady Determined To Stake Big In The Crypto Field

His latest episode, firing up the price of Dogecoin by nearly 10 percent on July 1, began at noon on Thursday when Musk tweeted a lyric, “Baby Doge, doo, doo, doo, doo, doo.”

Another followed the tweet on Thursday morning after Mr. Musk tweeted an image from The Godfather, captioning the meme: “Release the Doge!”

As a consequence, the price of Dogecoin has yet again soared following a recent series of rhetoric from the meme-loving mogul himself – Elon Musk.

Musk's "Baby Doge" Tweet Spikes Dogecoin Price

Elon Musk's tweets are indeed pushing the price to surge | Source: DOGEUSD on TradingView.com

Mr. Musk tweeted lyrics to a parody of the popular children’s song Baby Shark, replacing the words with. “Baby Doge, doo, doo….”

Latest Tweets By Elon Musk Are Less Impactive

Nonetheless, the impact of the Billionaire’s recent tweets about the lesser-known meme coin is lesser than the previous time.

Market response for Dogecoin has been only at a positive 10% increase below the last times Mr. Musk has mentioned the meme-inspired cryptocurrency on Twitter.

A sequence of Twitter posts from the SpaceX and Tesla CEO in April saw Dogecoin quadruple in price in just 24 hours, pushing it to new record highs above $0.40.

Dogecoin eventually peaked above $0.70 on May 8 when Mr. Musk referenced it several times during his appearance as the host of Saturday Night Live.

Related Reading | Brian Armstrong Says China’s…

Read More