The Baby Doge Coin price has done well in the past few days as the memecoin turns one. BABYDOGE is trading at $0.000000001941, which is about 212% above the lowest level in May. The rebound brings its total market cap to about $312 million, making it the 150th biggest cryptocurrency in the world.
BABYDOGE turns 1
Baby Doge Coin is a popular meme coin that came alive during the meme coin mania that happened in 2021. It was launched on the Binance Smart Chain ecosystem with the goal of generating returns to its holders. It also has a charity part, where some of the fees it generates move to animal adoption.
Like Safemoon, every transaction in the Baby Doge Coin ecosystem has a 10% fee. 5% of these funds go to the coin’s holders while 5% of them move to the PancakeSwap liquidity pool. The latter is used for burns and powering the project.
According to the website, Baby Doge Coin’s developers are now working on iOS and Android apps. These apps will give users the ability to load their fiat balances with bank transfers and the ability to buy and send digital coins. It is still not clear when this launch will happen.
Here’s how to buy Dogecoin.
Like other meme coins, BABYDOGE has struggled in the past few months. Indeed, its price has crashed by more than 70% from its highest level in January this year. This performance is in line with the performance of other meme tokens like Shiba Inu and Dogecoin.
The primary reason for the collapse is simply that there is no demand for these coins. As you recall, market conditions were substantially different in 2021 than they are today. Interest rates were substantially low and fiscal stimulus was at an all-time high. Today, rates have risen and liquidity has dried up as inflation surges.
Baby Doge Coin price prediction
Turning to the daily chart, we see that the BABYDOGE price has been in a strong bullish trend in the past few days. It managed to move above the important resistance at $0.0000000011 on May 19th. This was a notable level since it was the lowest level on December 4th.
The coin has moved above the 25-day and 50-day moving averages while the MACD has crossed the neutral level. Therefore, the coin will likely continue will likely keep rising as bulls target the key resistance level at $0.0000000025.