Elon Musk turns his attention to a new meme token, the ‘Baby Doge’

After influencing bitcoin and dogecoin prices with his Twitter posts, Tesla Chief Executive Officer Elon Musk now turns his attention to a new token, the Baby Doge.

Just a few days ago, the self-proclaimed “Dogefather” and one-time Saturday Night Live host, once again exerted his might in influencing the volatile crypto market with only a single social media post.

The tech billionaire, after a month long hiatus from cryptocurrency-related postings, wrote on his Twitter account, “Baby Doge, doo, doo, doo, doo, doo, Baby Doge doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”

Baby Doge reacts to Musk’s tweet

Shortly after Musk made the post, the price of Baby Doge doubled as followers of the Tesla and SpaceX top honcho started to trade the token.

At press time, according to tracking from CoinGecko, the meme token is changing hands at $0.000000002602. It has been up by 106.4% for the past seven days and close to 800% for the past 14 days.

Meanwhile, the goal for Baby Doge, just like any other meme coin, is to gain enough traction and users to boost its price. Also, oftentimes, the community around a token is more important than its actual utility.

Creators respond to Musk

The creators of the meme crypto responded to Musk’s Twitter post and they have expressed their willingness for collaboration with the billionaire.

“I would cut off a limb to work with you Elon,” was the reply of the creators to the message of the Tesla CEO.

As of now, Baby Doge is targeting $500 million market cap and to incentivize its users, 6% of every transaction is collected as fee, which is then distributed to charity (1%), burn (2%) and back to holders (3%).

 

Image courtesy of Cointelegraph News/YouTube

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