The price of a dogecoin spinoff called baby doge doubled following an early-morning tweet from Elon Musk.
The price of a new meme cryptocurrency known as baby doge coin surged after Elon Musk tweeted about it on Thursday.
Musk tweeted, "Baby Doge, doo, doo, doo, doo, doo", a play on the well-known children's song "Baby Shark". Following the tweet, the hashtag #babydoge became popular on the site.
Following Musk's message, the price of the cryptocurrency more than doubled according to CoinGecko data, the price climbed from $0.000000000916 right before the tweet to $0.000000002000 at 10:53 a.m. in New York.
"Release the Doge!" Musk had tweeted an hour before. It sparked a surge in dogecoin, which is now known as the "father of baby doge coins."
Musk has become one of the most important drivers of cryptocurrency price movements this year, with his tweets frequently causing a spike in the prices of the coins he mentions.
Dogecoin started out as a joke in 2013 and has since grown into a popular digital asset. Baby doge coin is a relatively new cryptocurrency.
A description from CoinMarketCap said: "Baby Doge wants to impress his father by demonstrating his enhanced transaction speeds as well as his adorableness. He's hyper-deflationary, with a built-in clever staking system that keeps adding baby doge to your wallet. All you have to do now is love, pet, and watch your baby doge develop."