Daddy Doge (CRYPTO: DADDYDOGE), a cryptocurrency inspired by Dogecoin (CRYPTO: DOGE), has benefited from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk’s shoutout and is trending on CoinMarketCap's website.
What Happened: Daddy Doge is trending in second place behind FEG Token (CRYPTO: FEG) at press time, according to CoinMarketCap.
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Following his court appearance on Monday in a case related to Tesla's $2.6 billion acquisition of SolarCity, Musk was asked by a fan from the crowd how his first day in court was.
“Daddy Doge,” Musk yelled back, while walking to a waiting vehicle.
Elon leaving court after hours of testimony pic.twitter.com/FMUmCRrkPP
— Tina Davis (@tina_davis) July 13, 2021
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Newly-created Daddy Doge is the latest addition to the Doge family and runs on the Binance Smart Chain (BSC).
Why It Matters: Musk’s tweets sometimes have an overwhelming impact on the price of Dogecoin and other cryptocurrencies, but that is not always the case.
While Daddy Doge is currently trending, the price of Dogecoin fell early Tuesday despite Musk’s mentions of the Shiba Inu-themed cryptocurrency on Twitter Monday.
A tweet from Musk at the beginning of this month had sent Baby Doge Coin (CRYPTO: BABYDOGE) - a new cryptocurrency created by the Dogecoin community - soaring. However, the latest data suggests that interest in the coin might be fading.
Earlier this month, Dogecoin co-creator Billy Markus warned against investing in new cryptocurrencies that are “being made every minute” on the Binance Smart Chain and Ethereum (CRYPTO: ETH) ecosystems.
Price Action: Dogecoin is up 1.3% during the last 24 hours, trading at $0.1930 at press time.
Daddy Doge is trading at $0.00000004426 at press time.
Read Next: Bitcoin, Ethereum, Dogecoin Find Stability As These Altcoins Continue Their Run