We thought he was dead and buried, but Baby Dogecoin has returned from the world of the dead. It recovered from the bad bearish stalemate that pushed it to its lows for nearly two months. In one day, the crypto that claims to be the worthy heir of Dogecoin took 34.2%.
Even more interesting, its price is up 106.5% over the last 7 days. Performances which allowed the Baby Doge to place itself at the 198th place in the market. Its capitalization goes up to $ 535 million.
This time, no Musk at the maneuver!
Baby Dogecoin’s first bullish momentum was helped by Elon Musk’s support at through one of his famous tweets. The meme token had gained 35% after the post and signed an ATH at $ 0.00000000005890.
Since then, crypto has only plummeted on the stock market. His course had been divided by 10 after his ATH. Even when cryptocurrencies were trying to recover during August, baby doge was still showing negative results.
The trend reversal began this October with investor greed for token memes. First, they poured on Shiba Inu who took the opportunity to make a rally at more than 300%. Then, Baby Shiba Inu had its moments of glory. And lately, it was the turn of Kuma Inu, the token meme of the Kuma platform.
The fact that Shiba Inu has stopped progressing, funds are funneled into other memes. The trading range of SHIB benefited Boby Doge who saw capital invade his network. Trading volume Baby Dogecoin has risen 151.05% in the past 24 hours. What fueled the rise in its value.
What to expect in the very short term?
The market would have been more bullish for Baby Dogecoin if the motive behind its rise was a tweet from Elon Musk. However, that doesn’t mean traders aren’t excited about crypto’s recent bullish rally. Moreover, it was placed as the most trending crypto on Coingecko at the time of writing this article as well as on Twitter in the crypto category.
The Baby Doge’s current price is $ 0.000000001984, 66.2% behind its ATH. The next technical target for the crypto is to cross the resistance of $ 0.0000000035. It can quickly be reached if the bulls keep up the pressure on the demand for the token meme.
Should you buy Baby Doge?
The answer to this question depends on the trader’s level of risk tolerance as well as their investment goals. If you are a riscophile and want to make quick profits in the market, you can always buy the Baby Doge and then sell your profits.
On the other hand, if you believe in projects that will stay for a long time with a moderate level of risk, Baby Doge is not for you. And if you still want to have a crypto joke, think of Dogecoin and SHIBA which are token memes well installed and bought by many other traders.