What is Baby Doge Coin?
As the name suggests, baby doge is a spinoff of the popular dogecoin. According to the Baby Doge Coin website, its intention is to ride the success of its predecessor and hopefully even surpass it. Baby doge seeks to improve on Doge’s weaknesses with faster transaction speeds. When users hold the coin, 5% of each transaction goes to other baby doge holders.
Since its launch in June 2021, Baby Doge has had ambitious plans in various industries. It wants to concentrate its efforts on GameFi, NFTs and pet charities.
Baby Doge Coin Daily Chart Analysis
Baby Doge Coin (BABYDOGE) is currently trading at $0.000000000588 which is a 4.35% drop over the past 24 hours. Based on its trajectory, technical trading terms refer to its trading pattern as an ascending triangle pattern.
So far, the tokens have struggled to break the resistance level of $0.000000002. Experts expect this resistance level to hold for a little while longer unless something big happens to shift the momentum of the coin. Based on past trends, the area technical traders call the higher low trendline has offered Baby Doge great support. They expect this area to continue to hold for a while.
Being a young cryptocurrency, Baby doge doesn’t have 50-day and 200-day moving averages on the day-to-day crypto performance chart. Despite that, having experienced a slump over the past few months, Baby Doge would trade below the moving average. Additionally, these recent sentiments would indicate a bearish trend.
The Unexpected Spike of Baby Doge
As we have already discussed, baby doge is a take on the meme coin, Dogecoin. It started out as a joke but gained popularity thanks to a single tweet from Tesla’s founder and CEO, Elon Musk. The same happened to Baby Doge. Elon Musk tweeted about the coin using a play on the popular children’s song “Baby Shark” on July 1st 2021.
Is the BABY DOGE Going to the Moon?
There is huge potential in baby doge thanks to its meme predecessor. Because Baby Doge coin is listed on some of the top exchanges such as OKEx, Bitrue, ZT, BitMart andGate.io Exchange, there is no reason why it shouldn’t experience a bullish trend.
Analysts are reporting that the Baby Doge token is set for a major rise. According to reports by AMB Crypto, the coin experienced a 60% increase in July despite the tough times on the cryptocurrency marketplace.
Despite Dogecoin starting out as a meme coin, it performed very well regardless. Its variant is also giving prominent coins that have existed longer, a run for their money.
The Future of Baby Doge Coin
Many traders of the coin want the coin to continue on its upwards trajectory. They think that if Baby Doge Coin could just break through the resistance level, then, there is no limit that Baby Doge couldn’t go. Digital coin predicts that at the end of 2028, the coin is primed to get to $0.0000000021. Analysts are watching to see if it will go below the higher low trend line. If it does, bears would push the coin causing a change in trajectory.