As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of meme coins that have risen and fallen like the tides. However, Baby Doge Coin’s recent surge has caught my attention for several reasons.
In simpler terms, the value of Baby Doge Coin climbed by more than 49%, due to growing interest among futures traders and larger investors (whales) showing increased attention towards it.
On December 9th, the value of the meme coin surged significantly, rising from a low of $0.000000004109 to as much as $0.000000006077. This was a level not reached since early January 2022. Interestingly, while the overall crypto market declined by 3.6% in the past day, this meme coin outperformed, showing resilience during this period.
The daily trading volume for Baby Doge Coin (BABYDOGE) was approximately $475 million, and its total market value stood at around $967 million, barely missing hitting the $1 billion milestone yet again.
Why is Baby Doge Coin rising?
The price of the meme coin increased significantly due to a spike in interest from futures investors. As per information from CoinGlass, the total value of these futures contracts rose by approximately 44%, reaching more than $104 million at the time of reporting.
The surge in the value of this altcoin is being driven even more by a growing number of large investors, known as whales, who are now amassing the token. As per data from IntoTheBlock, the outflow of large BABYDOGE holders, which was 1.22 trillion on December 5, has reversed to an inflow of 10.21 trillion by Sunday, December 8.
Moreover, it’s been reported by CoinCarp that the amount of BabyDoge owners has increased by 15% since November 15. This growth in numbers is helping boost liquidity and strengthen our community.
The surge in BABYDOGE’s value was noticeably amplified following Elon Musk’s cryptic tweet featuring an image of him and his son, captioned “Doge & Minidoge.” Although there was no explicit reference to BABYDOGE in the post, the meme coin’s enthusiasts responded with a 75% increase in value immediately after the tweet became public.
The recent hype surrounding the meme coin has spotlighted it as a top trending coin on CoinGecko.
The positive technical signs suggest that BabyDoge could potentially reach a fresh peak, approximately 6% higher than its current value, as suggested by the bullish signals in its indicators.
Looking at the 1-day price chart for the meme coin against USD, its value has surpassed the upper boundary of the Bollinger Band, indicating that buying activity is still robust and the bulls are maintaining dominance.
Additionally, the Moving Average Convergence Divergence (MACD) indicator indicates an upward movement of the MACD line relative to the signal line, suggesting a strong underpinning for the ongoing bullish trend in the meme coin. This could possibly prolong the surge in its price.
As a researcher, I’ve observed an upward trend in the Percentage Price Oscillator (PPO), suggesting that the market momentum remains robust. Interestingly, the Relative Strength Index (RSI) has been persistently above 100, which usually indicates overbought conditions. However, it seems that the persistent buying pressure from investors is disregarding traditional market cooldown signals, potentially indicating a prolonged period of market growth.
Looking at these indicators, Baby Doge Coin might have the possibility of reaching its record high of 0.000000006345 USD again, which is currently acting as a significant barrier. Overcoming this could lead to the coin attempting to break through its next potential psychological resistance at 0.0000000065 USD.
At press time, the meme coin was trading at $0.000000006045.
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2024-12-09 14:39