Elon Musk has once again sent a coin’s price skyward with a simple tweet; this time more than doubling the price of the memecoin Baby Doge by inserting its name into the lyrics of popular children’s song, “Baby Shark”.
- Replacing the title of the song with the name of the coin, the tweet read: “Baby Doge, doo, doo, doo, doo, doo.”
- Data from CoinGecko shows the price rose to US$0.000000002088 at just past 8 a.m. in California, up from $0.000000000916 just before the tweet. It was trading at US $0.000000001761 at press time.
- Baby Doge is a spinoff from the memecoin Doge, which Musk helped boost to its position as the sixth-largest coin by market cap through similar cheerleading on Twitter. Musk would often suggest that the coin should “go to the moon,” meaning that its price should skyrocket.
- Last week Musk pulled a similar stunt to support another Dogecoin spinoff named Shiba Inu. In a tweet he suggested he would name his Shiba Inu dog — the breed at the center of the Doge meme — “Floki.” That sent the price of the token up 25% in a matter of hours and spawned the launch of spinoff tokens named Floki Shiba Inu and Floki Inu, among others.
- “Baby Shark” is the most viewed video on YouTube, with more than 8.8 billion views.