Elon Musk May Be Losing His Influence With Dogecoin Investors – But Baby Doge Coin Soars

On Thursday, Tesla Inc.’s TSLA, -0.26%, and SpaceX’s CEO mentioned the Dogecoin DOGEUSD meme asset, -0.07% on Twitter, which momentarily skyrocketed a lesser-known asset: the baby Doge coin, which is up nearly 40% that day, according to CoinMarketCap.com, which provides data on thousands of cryptocurrencies

Elon Musk can be seen losing his hold on Dogecoin investors – but Baby Doge Coin soars

Elon Musk may lose influence with Dogecoin investors – but Baby Doge Coin is skyrocketing

Dogecoin was founded in 2013 and has spawned a wide range of copies and peripheral assets, mostly influenced by social mentions rather than fundamentals. Dogecoin has its origins as an interesting coin among a range of digital assets that are said to be an alternative to Bitcoin.

Musk’s comments on Thursday gave Dogecoin a slight boost, but the virtual currency has been trading for the most part under pressure since peaking at 74.07 cents in early May.

As of the last review, Dogecoin changed hands on CoinDesk at 24.6 cents, up 1.4%, but it’s up nearly 5.100% since Musk began releasing the Doge Quest earlier this year.

Meanwhile, Baby Doge Coin, described on its website as “the new cryptocurrency born by fans and members of the Doge Coin online community,” is the real winner of the contests. According to its website, the meme-of-a-meme cryptocurrency was created about a month ago and is trading below $ 0.00000001.

It’s unclear whether Musk was referring specifically to Baby Doge in his tweet or the popular nursery rhyme Baby Shark from a Korean company called Pinkfong! parodied.

Musk’s social media messaging last year had a huge impact on Dogecoin and Bitcoin prices, and he’s been blamed, at least in part, for the decline in Bitcoin and the two’s broader crypto complex over the past month. A May article in the Wall Street Journal described him as the biggest influencer of Bitcoin.

However, some have questioned whether he’s losing his passion for the latest social media news.

The current crypto downturn has turned into a story of the exodus of bitcoin miners from China after the country banned crypto operations in the People’s Republic.

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