The godfather of cryptocurrencies, Elon Musk, after an unsuccessful pirouette with Bitcoin, switched his attention to a new oneproject: "Baby Doge, doo, doo, doo, doo, doo ..."
Pump is information hype and pumping (pump- pump up) the prices of low-liquid assets. Due to small trading volumes, sudden large purchases cause a rise in prices, after which a crowd of speculators joins the growth. As the price rises, the manipulator dumps the purchased assets, making money on an artificially created trend. After market saturation, when the influx of buyers dries up, the price often returns to its original levels.
The mask was already suspected of pumping Bitcoin andDogecoin. For example, former SEC (Securities and Exchange Commission) analyst Mark Powers urged the regulator to check his crypto-tweets for abuse of trust, since such statements can lead to multi-million dollar losses of subscribers. And among former Musk fans, the #stopelonmusk movement emerged.
Elon Musk is a controversial person, as hecontinued to praise Dogecoin after abandoning Bitcoin, however, both coins use the principle of proof (PoW), require the participation of miners and, accordingly, are not environmentally friendly.
Now Elon pampit BABYDOGE: the coin gained 500% in two weeks, and the trading volume after his tweet tripled.
Image source: twitter.com/elonmusk
Dogecoin's successes have spawned hundreds of clones,which is why any meme tokens were banned in Thailand, since they have no meaningful basis and are dependent on the influence of media personalities. The concerns of the official authorities are not unfounded: from the May highs, when Elon Musk was in shock, Dogecoin is trading three times cheaper.
Image Source: StormGain Cryptocurrency Exchange
The new clone has low fees and betweencoin holders distribute 5% of each commission on the network. However, one billionaire's tweets aren't enough to make BABYDOGE (22 days old) a really popular project.
Analytical group StormGain
