The tweet helped to ship the Child Doge cryptocurrency up 5%. However you may be forgiven for by no means having heard of Child Doge earlier than. So simply what is that this new cryptocurrency? Right here’s what you must know.
What’s Child Doge? It’s one more meme cryptocurrency whose homeowners are hoping to get wealthy in a single day.
Is Child Doge associated to Dogecoin? In identify solely. Child Doge payments itself because the “Son of Doge.” In different phrases, it’s hoping to profit from the hype that Dogecoin has garnered this yr. Because the coin’s official web site explains:
Child Doge Coin has discovered a couple of methods and classes from his meme father, Doge. A brand new crypto birthed by followers and members of the Doge Coin on-line group. Child Doge seeks to impress his father by exhibiting his new improved transaction speeds and adorableness. He’s hyperdeflationary with an built-in sensible staking system inbuilt to reward you, so extra child doge cash are being mechanically added to your pockets every transaction.
What’s Child Doge’s ticker? DOGEUSD.
Why was Elon Musk hyping Child Doge? Who is aware of. However there’s additionally an opportunity he may not have been, and as an alternative, his tweet might have been referencing Dogecoin. As MarketWatchpoints out, Musk might have been parodying the infuriating kids’s tune “Child Shark” by changing “shark” with “doge.”
Ought to I purchase Child Doge? Provided that you wouldn’t thoughts shedding every part. Like so many cryptocurrencies, Child Doge is only a speculative digital asset that has no sturdy underlying fundamentals. Most cryptocurrencies rise as a result of individuals purchase them hoping others will proceed to purchase them and so they can unload their share earlier than everybody does the identical. That’s why with any cryptocurrency it is best to solely make investments what you may afford to lose.