A newly created Dogecoin-based cryptocurrency called Daddy Doge (DADDYDOGE)has seen its price jump shortly after a Tesla CEO shoutout after he left court on July 13. The price of the cryptocurrency jumped over 680% from $0.00000007 to $0.000000055 per coin.
As first reported by Benzinga, Musk was leaving a court appearance in a case related to Tesla’s acquisition of SolarCity for $2.6 billion when fans asked him to simply say “Daddy Doge.” Amid questions of how the day was, Musk yelled back “Daddy Doge” before getting into his car.
Daddy Doge is a cryptocurrency created on top of the Binance Smart Chain (BSC) that like many other recently launched cryptocurrencies has a tax on transactions. For Daddy Doge, that tax is 9%, with 3% being distributed to holders, 3% to its liquidity pool on PancakeSwap, and 3% going to its marketing wallet.
Using its marketing funds, the team behind Daddy Doge plans to see ads of its project “plastered on billboards across the world. With ads being planned in Times Square, Picadilly Circus, and Shibuya.” The cryptocurrency was seemingly trading sideways and with very low volume before Musk’s shoutout, according to PancakeSwap data:
Other Dogecoin-inspired cryptocurrencies have been making headlines over the last few weeks. Baby Doge, a cryptocurrency created “by fans of the Doge Coin online community” that “seeks to impress his father by showing his new improved transaction speeds & adorableness” has seen its price recover from a slump ahead of its NASCAR debut.
Musk, it’s worth noting, has on numerous occasions supported Dogecoin. Earlier, the Tesla CEO defended efforts to scale Dogecoin after calling both Bitcoin and Ethereum “slow” at their base layer. Musk’s tweets have helped the price of DOGE exploded, along with those of several other celebrities.
DOGE hit a $0.74 all-time high earlier this year before it started crashing along with the rest of the cryptocurrency market. It is now trading at $0.19.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay