Baby Doge Coin Price Spikes Following Binance Listing

Baby Doge Coin price has faced a challenging year in 2024. After reaching its yearly highs in March, the asset entered a downward spiral

Baby Doge Coin price has faced a challenging year in 2024. After reaching its yearly highs in March, the asset entered a downward spiral, eventually hitting an all-time low. However, September marked a turning point for the meme coin, with its price surging over 130% since the start of the month. The question now is whether Baby Doge Coin can sustain this upward trend.

Baby Doge Coin Price Spikes Following Binance Listing

On September 16, Binance, the largest crypto exchange in the world, announced it was going to list three new meme coins, including BABYDOGE, under the ‘Seed Tag’ label.

Binance Will List @neiroethcto $NEIRO, @TurboToadToken $TURBO and @BabyDogeCoin $BABYDOGE with Seed Tag Applied.

Read more ? https://t.co/cwaNCfaAS7 pic.twitter.com/7gvibLZYQ0

— Binance (@binance) September 16, 2024

The price immediately spiked over 100% as trading started the same day. Binance also listed Neiro (NEIRO) and Turbo (TURBO) alongside Baby Doge Coin. The Seed Tag is a heads-up for investors to know that the assets in question are volatile.

BABYDOGE coin price is up 19.8% this morning, trading at $0.000000002187, with a $332 million market cap.

BABYDOGE Technical Analysis: Retrace, Then Moon

The Baby Doge Coin price chart shows that the crypto asset’s current position has significantly deviated from its typical consolidation zone. The relative strength index (RSI) is at 100 and has been holding steady at this level since March 2024, which is quite perplexing and could be due to a few things:

Following the spike, the price of BABYDOGE has reached a potential resistance zone, which has been tested multiple times. A Fibonacci retracement analysis of the recent price shows the crypto asset is due for a 27% correction to the 0.5 Fib retracment level, followed by a 64% bounce to the next potential resistance around $0.000000002600 that coincides with the 0.27 Fib extension level.

If the price fails to hold at the 0.5 Fib level, it may signal market weakness, which will send Baby Doge Coin price back to previous all-time lows, with occasional stops at $0.000000001300 and $0.000000000900. 

About Babydoge

BABYDOGE is a crypto token created by Dogecoin community fans to spread animal welfare awareness. There are 420 quadrillion tokens in total, with 151 quadrillion in circulation. The team holds 52 quadrillion tokens, of which 924 billion are in the treasury. BABYDOGE has managed to burn 216 quadrillion tokens, leaving only 203 quadrillion.

Frequently Asked Questions (FAQs)

What caused the recent surge in Baby Doge Coin price?

The recent surge in Baby Doge Coin price is primarily attributed to its listing on Binance. On September 16, Binance announced the listing of three new meme coins, including BABYDOGE, under the ‘Seed Tag’ label. This news led to a massive spike in the price of BABYDOGE, surging over 100% within hours of the announcement.

Binance also listed Neiro (NEIRO) and Turbo (TURBO) on the same day, but these assets experienced varying price movements. While Baby Doge Coin price surged significantly, Neiro and Turbo prices rose modestly.

What is BabyDoge?

BabyDoge is a meme coin inspired by Dogecoin and created by fans of the original canine-themed cryptocurrency. The token aims to contribute to animal welfare organizations and spread awareness about the importance of helping animals in need.

Initially launched in June 2021, BabyDoge has a total supply of 420 quadrillion tokens. Out of the total supply, 151 quadrillion BABYDOGE tokens are currently in circulation. The remaining tokens are allocated to the team, treasury, and burned addresses.

What risks are associated with investing in BabyDoge?

Investing in BabyDoge, like any other meme coin, carries substantial risks due to its high volatility and lack of inherent value. Meme coins are known for their rapid price fluctuations, influenced mainly by social media trends and community hype.

As an inflationary token with a massive total supply, BabyDoge is susceptible to price manipulation tactics. Moreover, the tokenomics of BabyDoge include a 10% tax on each transaction, which is divided among liquidity, BabyDoge burn, and reflections for holders.

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