- Elon Musk is back to the shilling, with his favorite DOGE and a new Shiba Inu-inspired meme coin, ‘BABYDOGE.’
- Both Dogecoin and Baby Dogecoin, as usual, pumped following his tweets
- BABYDOGE’s market cap and circulating supply remains questionable
Release The Doge And ‘Baby Doge Doo’
Elon Musk went on a shilling spree today. The eponymous ‘Dogefather’ started with Dogecoin as usual.
Just after the Tesla boss’ tweet, Dogecoin bulls went bonkers and pumped DOGE prices up by 9%. The daily chart of the DOGE/USDT trading pair shows a giant green candle spanning between $0.238 and $0.2626 price levels during the early London trading session. Although post the ‘bhow’ move, Dogecoin price action went puff.
The move came as a desperate one from the tech billionaire to rejig the original Shiba Inu-inspired meme coin’s market momentum. Unfortunately, price action went tepid after the blast. DOGE price remained restricted within a descending channel formation since the downtrend that began in May. Elon’s tweet did little to help the 6th largest crypto asset breakout from the chart formation.
When the above shill didn’t shape up as per his expectations, the Dogefather went for it again. This time it was “BABYDOGE” – another Shiba Inu (puppy) inspired cryptocurrency that spawned just a few days earlier.
As usual, both tweets attracted a sea of responses, with folks asking where to buy Baby Dogecoin from. The meme coin jumped 44% from almost zero price (0.000000000916) to practically zero price (0.000000001642).
But here’s something interesting.
Where Market Cap?
There is absolutely no information available on its market cap and circulating supply numbers. However, according to data pulled from the cryptocurrency price tracking website, CoinGecko, BABYDOGE has a total supply of 420 quadrillions.
Binance Smart Chain-based decentralized exchange (DEX) insinuated artificial liquidity pump doubts by replying on Elon’s tweet as mentioned below.
It’s the only exchange with the majority of BABYDOGE volumes. CoinGecko shows the meme coin changing hands against Wrapped Binance Coin (BNB) and Tether (USDT) with 24-hour volume figures of $47.5 million and $2.5 million.
Dogecoin and now Baby Dogecoin responding with shocking price movements to Elon’s tweets are nothing new. It was the observable trend with Bitcoin too. During the benchmark, cryptocurrency’s euphoric rally to $65,000. However, such market reactions have caught on a wrong note with many financial influencers, including Peter Schiff, who called out Dogefather for tweet-induced price manipulation.
Although Musk’s efforts to pump DOGE had fallen dead when crypto markets corrected the Fed’s news deciding to bump interest rates in 2023, nonetheless, the Tesla chief’s efforts to move markets per his whims and fancies remain a pretty plausible scenario. Something which needs undoing. Especially because first-time crypto market entrants have lost a great deal of money beguiled by his ‘social media antics.’