BabyDoge coin has been garnering a lot of traction lately. The current record-setting spree it is in has managed to keep people from the community on their toes and closely monitor its performance.
In fact, our article from yesterday highlighted that BabyDoge had formed a bullish pennant on the 4-hour timeframe and contended that highs were likely on the coin’s cards. As anticipated, BabyDoge Coin has already set foot in the right direction.
As the entire market was trading in red at the time of writing, BabyDoge was perhaps one of the only few prominent meme coins that had posted significant gains worth 13% in the past 24-hours. In effect, its weekly gains now stand above 90%. Having said that, it should also be noted that the coin currently stands quite close to its monthly highs.
Another set of positives
The number of BabyDoge HODLers has consistently been rising of late. Just a couple of hours back, it managed to breach the 1,135,000 mark. Now, in fact, the top 100 BNB wallets cumulatively hold over 45.5 trillion tokens.
Alongside, the buzz on social media has been quite evident. With over 67.7k tweets, the “BabyDogeCoin” hashtag was trending on Twitter at the time of writing.
A bittersweet future
Despite the rosy side, InvestorsObserver had given Baby DogeCoin a ‘moderate’ volatility rank of 31 and placed it in the bottom 31% of cryptos in the market. The analysis platform’s report noted,
“BabyDoge’s moderate volatility reading is paired with a low reading on the risk/reward gauge, meaning that the token has moderate price swings and is well protected from price manipulation.”
When pondered upon, the aforementioned inference is actually double-edged. A low risk/reward reading is not essentially a good sign, for investors aren’t being adequately fetched with returns for the risk borne by them. On the other hand, however, is well protected from price manipulation implies the coin’s rally is organic and growth-driven to a large extent.
So, at this point, other than minor discrepancies, there’s not much for Baby Doge Holders to worry about. So, if the coin manages to climb past the target set by the flagpole on its price chart, market participants can expect a new ATH to materialize.