Baby Doge, a chest token like Dogecoin, has seen a 40% price drop in just one week. The coin, which came to the fore after the Elon Musk tweet, saw massive price drops as the excitement waned. The price of the altcoin project has consistently fallen ever since it peaked at the beginning of July. Cryptocoin. com, Baby Doge is now two months old and has seen a significant rise in these two months. Dogecoin’s “like” coin saw an almost 2,000 percent increase after Musk’s tweet on July 1. The price of the coin peaked at $0.000000005890 from $0.000000000582.
The rise of altcoin Baby Doge, which rose with Elon Musk’s tweet
Baby Doge was created and launched in June 2021. The coin has no plausible creator. At the time of its creation, it was another chest coin that would “fall into obscurity”. But the fact that the coin bears the iconic Doge name seemed to have helped it grow. Coin experienced slight growth in the first weeks of its launch. He made small climbs slowly but steadily. Baby Doge later received an unexpected tweet from Elon Musk. Using Baby Doge, Musk made a parody of the famous children’s song Baby Shark. When the tweet gained momentum, investors rushed to get the money.
But with the effect of the general crypto money market falling into oblivion, it started to collapse. Baby Doge gained momentum in response to Musk’s tweet and went down for three days after rising. Baby Doge’s market value reached $2 billion at its peak. The popularity of the coin continues to decline regardless. In response, the project donated to two animal shelters in the US to keep the excitement going. Still, the coin’s price continues to decline. He lost 40 percent in just one week.
On the other hand, Dogecoin has also lost a lot of money recently. DOGE, the eighth largest cryptocurrency by market cap, has faced a 38.5 percent drop in the last month. It has dropped below $0.20 at the time of writing – changing hands at $0.19.