After being grilled in connection to Tesla’s $2.6-billion bailout of SolarCity, a small mob of followers asked Tesla’s top boss Elon Musk how the day was, and to simply utter “Daddy Doge” on his way out of the court proceedings. Musk obliged by shouting the two-word crypto phrase before settling in his car.
Hence the “rebirth” of Daddy Doge — the newly minted Dogecoin-based cryptocurrency, which got a quick boost in price moments after Musk’s shoutout while exiting the courthouse last week.
Daddy Doge jumped to an impressive 680% from $0.00000007 to $0.000000055 per coin. Thanks to the CEO’s “Daddy Doge” holler.
Daddy Doge is another type of cryptocurrency built on top of the Binance Smart Chain (BSC) which, like other recently launched cryptocurrencies, imposes a 9% transaction tax. Three percent of which is distributed among holders, 3% to its liquidity pool on PancakeSwap, and 3% to its marketing wallet.
The team behind Daddy Doge aims to see its project’s ads “plastered on billboards all over the world” by using its massive marketing funds.
According to PancakeSwap data, the cryptocurrency was trading sideways and with very low volume before Musk’s shout-out.
Daddy Doge makes noise
And it doesn’t stop right there. Baby Doge, another cryptocurrency born out “by the Doge online community” has also been making headlines in recent weeks. It has also recovered from a price drop ahead of its NASCAR debut. It likewise “seeks to impress his father”, according to analysts, by showing his new improved transaction speeds and adorableness.
It’s worth noting that other celebrities and Musk’s tweets have contributed to the Doge’s robust price leap. Musk has consistently backed Dogecoin. He has defended efforts to scale the crypto after labeling both Bitcoin and Ethereum as “slow” at their core.
Meanwhile, DOGE is currently trading at $0.19. It reached a record high of $0.74 earlier this year before collapsing along with the rest of the cryptocurrency market.
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