The new week failed to renew market participants’ interest in crypto. Top tokens from the market were all trading in red—borderline. After shrinking by 0.5%, the cumulative value of all crypto assets was down to $930.72 billion on Tuesday.
The meme-coin tale was slightly different. On the hourly, all 4 top coins were trading in green. On the daily, however, two were trading in red, while two were trading in green—including BabyDoge.
Data from WhaleStats brought to light that over the past 24 hours, the average balance of the top 100 BabyDoge HODLers has inclined by 2.3%. As a result, they now collectively HODL 198.9 billion tokens.
Despite the not-so-volatile price action, the community has been on its toes. The social mentions over the past week have notched up. Data from LunarCrush revealed that social mentions, for BabyDoge have risen by 35% over the past week. Social engagements in the same timeframe have inclined by 27%.
Despite the said positive developments, buying momentum has not been able to take concrete shape in the BabyDoge market. Over the past two days, it has been rejected by its 50 MA on its daily [red] and continues to depend on its immediate support. Only if it manages to clear the said hurdle, would it be propelled to trade at levels seen at the beginning of the month.
A failure to clasp onto the said support, on the other hand, would push it down to its mid-September local lows.
Also Read: Here’s what Baby Doge Swap is all about
Recovery hopes
BabyDoge’s TVL, on the other hand, has been on the rise. At the beginning of the second week, the said number hovered around $15. million mark. Fast forward to today, the aggregate value of all crypto assets on the platform stood north of $24.2 million.
Despite the lackluster progress on the price front, BabyDoge’s fundamentals have consistently been getting stronger, paving the path for an organic inclination when the broader market recovers.
Also Read: Here’s how Baby Doge has been faring post-Swap Launch