Baby Doge? What to know about the Dogecoin spinoff that Elon Musk is hyping

Elon Musk has anointed an heir to Dogecoin — and it’s called Baby Doge.

The billionaire Tesla CEO gave a shout-out to the month-old spinoff of the canine-themed cryptocurrency on Twitter Thursday morning, causing its price to more than double, according to CoinGecko data.  The Musk effect wore off shortly afterward. As of mid-day Friday, Baby Doge had fallen about 22 percent from its peak. But Baby Doge’s trading volume has been consistently high since Musk’s post, indicating the potential for sustained interest among crypto traders.