Baby Doge Coin Sees Price Surge Reaching New Highs
Baby Doge Coin, a popular Meme coin, has experienced a significant price increase over the past week, soaring by 37% and reaching a high of $0.0000000028. This marks its highest level since March and represents a remarkable 250% increase from its lowest point this year. The Token's Market cap has also surged, growing from $180 million in January to over $417 million.
Puppy.fun Airdrop Sparks Excitement
The recent price rally of Baby Doge Coin was spurred by anticipation surrounding the upcoming launch of Puppy.fun and its associated airdrop. While specific details about Puppy.fun remain scarce, it is expected to become the next meme coin generator within the ecosystem.
Similar meme coin generators, like those within Solana's Pump.fun, have gained significant popularity recently. The market cap of all meme coins generated in Pump.fun has surpassed $1.3 billion, with total fees collected amounting to $122.48 million. Additionally, Sun Pump tokens have reached a market cap exceeding $366 million.
Despite being categorized as a meme coin, the developers behind Baby Doge Coin have made efforts to imbue the token with utility. They launched the BabyDogeSwap DeFi platform, allowing users to engage in swapping, earning, and buying NFTs. As reported by DeFi Llama, BabyDogeSwap currently boasts a total value locked of over $2.14 million.
Rumors circulating about Baby Doge Coin potentially being listed by Coinbase, as well as plans to expand onto Solana (SOL) and other Blockchain networks, have also contributed to the recent price rally.
Baby Doge Coin Breaks Key Resistance Levels
An analysis of the daily chart for BABYDOGE token reveals a surge in price following its listing on Coinbase in September. Prior to this, the token had formed a falling wedge pattern, a bullish reversal indicator commonly observed in technical analysis.
A significant event occurred on Sept. 27 when the 50-day and 200-day moving averages crossed, forming a golden cross pattern. Historically, assets tend to continue their bullish trend after a golden cross formation.
Breaking through the crucial resistance level at $0.0000000027 on Sept. 28 was a pivotal moment for Baby Doge Coin. If the token manages to surpass its high of $0.0000000028 from Oct. 9, it could indicate further upside potential in the near future.
