Coins that enrich investors thanks to the Elon Musk effect!
Not even a year has passed since the CEO of Tesla and SpaceX, the famous billionaire, entered the cryptocurrency markets. However, thanks to its shares, many investors have achieved significant success with crypto pump signals telegram by the SafeTrading channels. Elon Musk, who deliberately raised the prices of joke coins with his sarcastic and funny messages or simply under the direction of the community, also detonated his latest bomb. In his BabyDoge post this week, he polished a new dog coin after Dogecoin and Shiba Inu (SHIB).
Shiba Inu (SHIB)
First announced in August 2020, Shiba Inu (SHIB) rated over 1000% earlier this year when Elon Musk said he would buy a Shiba puppy. Shiba Inu, which has no purpose and is not useful like other joke coins, is known as the Dogecoin killer.
Despite being a new crypto asset, it has a strong community and is supported by investors, especially on platforms like Reddit.
Shiba Inu (SHIB), which has lost 85% from its ATH point, must break above 0.00001 to enter a full uptrend. In other words, the SHIB must drop another zero to continue its rally, otherwise, it will continue to move between 0.0000057 and 0.0000090. However, the underlying support level of 57 holds for about a month. The main factor that will determine the price here is that Bitcoin stops its decline.
Dogecoin (DOGE)
Dogecoin, an older crypto asset than Ethereum, has retained much of its growth over the past year. Although he has moved away from his 0.73 peak, the popularity he has gained thanks to Elon Musk protects him from much more serious falls.
Dogecoin, which has grown 650x to 0.73 since March last year, is still extremely popular and may return to its old days after it was rejected by Elon Musk. This opportunity has been in the minds of the community for a long time, but Musk’s claims «We will develop Dogecoin» refute it. Major support at 0.24 remains, but 0.278 resistance needs to be overcome for a clear uptrend. Perhaps Elon Musk can make a post that will make Dogecoin (DOGE) break the price these days when Bitcoin is moving a little sideways by crypto pump signals telegram.
Baby Doge Coin (BabyDoge)
Finally, Baby Doge Coin joined the caravan of playful coins pumped up by Elon Musk. Like Shiba Inu, the non-token promotion made BabyDoge shine due to the name similarity. BabyDoge, which until 2 days ago could only be bought on PancakeSwap, can now be bought on XT and DODO through exchanges that want to take advantage of the popularity in the channels of traders of SafeTrading team.
With a market cap of over $ 1 billion, BabyDoge has a total supply of 420 quadrillion and is untrustworthy as it is a simple token generated on the BSC network. However, despite the possibility of a new share of BabyDoge on the part of Elon Musk, some investors bought several billion Baby Doge (BabyDoge) coins in small amounts.
Entrepreneurs looking to invest in cryptocurrency markets are very careful. The white paper of the project, the summary of the development team, the economic and financial solutions proposed by the project are some of the main topics that rational entrepreneurs study before investing. If the project is new and strong, this may be the perfect time to invest. Investors interested in this prefer to buy and wait for promising projects when the finished price is low.
Let’s say a little bit of luck after that. Dogecoin was launched as a joke and was priced well below 1 cent at the time of release. Entrepreneurs who invest in Doge when the price is below 1 cent are always profitable. Doge hit 73 cents on May 8, 2021, breaking an all-time record. At the time of writing, Dogecoin is trading in the 24-25 cents range. In the chart below, we can see the change in Doge prices.
BabyDoge Continues to Rise in Prices!
When Doge was first released, it had no major claims and no white paper. Over time, it managed to turn into a serious project according to SafeTrading analysts.
There is currently another cryptocurrency that could follow in the footsteps of Dogecoin: Baby DogeCoin (BabyDoge). Prices for Baby Doge are up over 50% today. At the time of writing, Baby Doge is trading below $ 0.00000001. In the chart below, we can see the change in prices for Baby Doge.
CoinMarketCap’s ranking is unclear as Baby Doge’s data is not fully clear yet. Whether Baby Doge will show the success of Dogecoin is also unclear. This is where the perception of risk by cryptocurrency investors comes into play. Cryptocurrency markets are full of surprises! Sometimes the market is dominated by emotion, not rationality. But in the end, the mind always wins, not emotions!
Elon Musk’s recent tweet about Baby Doge was enough to drive prices up. The 1,000-2,000 Baby Doge fans hosted on TikTok can influence prices and markets, resulting in results that go against expectations.
Should You Invest in Baby Doge?
Of course, we will not answer this question. You must do your own research. However, one should not forget that cryptocurrency markets are quite volatile and speculative markets. Investors’ motto in this market should be: «Never enter this business with amounts that you cannot lose!».
