Resume: Baby DogeCoin Spikes 15% Despite Bearish Sentiment
Baby DogeCoin (BABYDOGE) has surged over 15% in the last 24 hours, defying the overall bearish sentiment in the crypto market. The meme coin, inspired by Elon Muskโs tweet, now has a fully diluted valuation of approximately $882 million and a daily average traded volume of around $17 million.
What Led to Baby Doge Coin Spike ๐
โ The sudden surge in Baby DogeCoin was driven by strong community support for a new DAO proposal that aims to eliminate fees for transactions on the BNB Chain.
โ The proposal received overwhelming backing, with over 98.89% of the community in favor.
โ This move positions BABYDOGE to compete with top meme coins like Floki (FLOKI) and Solana-based projects in terms of trading volume.
โ Previously, holders of BABYDOGE incurred up to a 10% tax on buying, selling, or transferring the coin, which limited its appeal to traders.
The Downside ๐
โ While the elimination of transaction fees is a positive development, it means that BABYDOGE will no longer carry out its regular monthly burns.
โ The team has also stated its intention to access unlocked tokens worth $100 million to expand the team and cover other expenses.
โ BABYDOGEโs price has been consolidating within a macro triangular pattern for more than two years but recently showed signs of a bullish breakout.
โ Following a rebound from the recent crypto market correction, the weekly Relative Strength Index (RSI) for BABYDOGE has bounced back above the 50 level.
Hot Take: The Future of BABYDOGE ๐
Despite some concerns, the surge in Baby DogeCoin demonstrates the communityโs strong support for the coinโs growth. As the project continues to evolve and expand its user base, BABYDOGE could establish itself as a significant player in the meme coin space.
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