Elon Musk has done it again.
The eccentric billionaire managed to pump the price of an obscure cryptocurrency known as Baby Doge with a simple tweet last night.
Baby Doge coin more than doubled in price after Musk’s tweet yesterday evening, going from one-billionth of US1c to 2.1-billionth of one cent.
At 4pm AEST on Friday, Baby Doge coin had held onto most of its gains, trading at 1.8-billionth of 1c.
The coin is a token on the Binance Smart Chain token and traded on PancakeSwap and appears to have been launched in early June. It is unranked on Coinmarketcap and Coingecko, but 420 quadrillion (!) Baby Doge tokens exist.
“Baby Doge is cute but with a lot of BITE! $Baby Doge is a deflationary coin designed to become more scarce over time,” the token’s website says.
A five per cent fee is charged on each transaction, which is redistributed to existing tokenholders.
Comparing the coin to its competitors, Dogecoin and Shiba Inu, babydogecoin.com claims its token has a “cuteness level” of 9000, compared to 5000 for Dogecoin and just 100 for Shib. An important factor for a meme coin!
Not everyone was happy with Musk again sticking his nose into digital tokens.
Crypto market drops
The rest of the crypto market is languishing this afternoon, falling 4.3 per cent to US$1.4 trillion.
Bitcoin was trading at US$32,926, down 4.1 per cent from yesterday, while Ethereum was changing hands at US$2,032, down 8.2 per cent.
Since hitting an 11-day high of US$36,403 early Wednesday, Bitcoin has fallen 9.5 per cent and appears set to test support in the low $30s once again.
XDC Network and Stacks were the only top 100 tokens in the green, rising 2.4 per cent and 1.4 per cent, respectively.
Maker token was the biggest decliner, falling 13.5 per cent. Telcoin, Aave, Theta Fuel, Curve DAO Token, Enjin Coin, Compound, Decentraland, Theta Network, Internet Computer and Horizen were also down more than 10 per cent.
Bitcoin Cash ABC rebrands to eCash
Bitcoin Cash ABC has rebranded to eCash, and adopted the Avalanche consensus layer, meaning it can be staked.
The project is also moving from eight decimal places to two, so BCHA coins will be converted to eCash coins at a rate of one to one million.
eCash is led by developer Amaury Sechet, who describes himself as the “benevolent dictator” of the project.