As the altcoin market heats up with the higher chances of potential rate cuts coming in the recent FOMC meeting, the meme coins are on a bullish rally. Although the top meme coins are polarized with a gradual rise in momentum, the meme coin segment stands at $38.64 billion.
The Baby Doge Coin reveals a strong bull run in action amid the recovering meme coin segment. Over the past seven days, it has increased by 132% and shows a 24-hour surge of 16.92%.
Baby Doge Vs. Top Meme Coins
With a market cap of $326 billion, the Baby Doge Coin is significantly smaller than the top names in the meme coin segment. With just $336 billion in size, the upside potential for Baby Doge Coin is massive.
Currently, it is ranking at 143rd position in the crypto industry, but making it possible for the meme coin to give a 2x or 3x percent surge in the coming times. Hence, with the massive upside potential and the ongoing bullish rally, the Baby Doge Coin has the potential to become one of the top names in the meme coin segment.
Over the past 30 days, the Baby Doge Coin has increased by 116%, undermining the recovery run in most of the top meme coins. Over the last 30 days, DOGE gave 0.44% returns, Shiba Inu is down by 0.25%, PEPE gave 1.79%, and Dogwifhat and FLOKI gave 9.42% and 6% returns, respectively.
Hence, Baby Doge Coin is competing in a segment of its own with the recently trending TRON meme coins and other trending meme coins like PopCat, SunDog, First NEIRO on Ethereum, and Simon’s Cat.
In short, with the new names coming into the meme coin industry, the Baby Doge Coin is likely to gain more attention and grow in market cap.
Catalysts Fueling BabyDoge’s Bull Run
Recently, BabyDoge exploded with Binance, the world’s largest cryptocurrency exchange by volume, listing “1MBABYDOGE”. The listing increased both market price and trading volume. 1MBABYDOGE is a supplementary crypto smaller than the BabyDoge.
History of Baby Doge Coin
Baby DogeCoin has been a new name with connections to the biggest meme coin in the industry, Dogecoin. With a similarly strong community, Coinmarketcap reveals the community sentiment for Baby Doge Coin is extremely bullish. With 91% of voters expecting a bullish surge, the surrounding sentiment continues to improve.
Similar to Dogecoin, Baby Doge is built on a joke with a mission to spread animal adoption awareness. Baby Doge gained the limelight and fame with “DOGEFather” Elon Musk tweeting about this meme coin.
With the main utility of creating a fun meme community to spread animal welfare and pet adoption awareness. It is also an AI image generator to create memes, images, design experiences, etc. Meanwhile, it is also possible to pay in Baby Doge to mint AI-generated images into NFTs.
While the creators of Baby Doge are unknown, the developers have built it over Binance Smart Chain with the intent to create an ecosystem, compatible with Ethereum.
Baby Doge Price Performance
In the daily chart, the Baby Doge Coin shows a high-speed trend reversal as the underlying demand explodes, outgrowing the long-coming falling channel pattern. The explosive growth of 74% on 16th September makes a massive bullish engulfing candle.
Source: TradingView
The massive bullish engulfing candle comes after nine days of recovery accounting for a 21% surge. Further, over the past two days, the meme coin has increased by almost 20%.
Hence, in the recent bull cycle, the altcoin has increased by 152% within just two weeks. Currently, it is trading at $0.000000225. With the falling channel breakout, the crucial daily EMAs witness an uptick, and the 20-day EMA surpasses the 50- and 100-day EMA.
As the dynamic averages are preparing for a bullish crossover, the uptrend has surpassed multiple resistances.
Based on the Fibonacci retracement level, the recovery rally has surpassed the 23.60% and 38.20% levels. Currently, the uptrend is challenging the 50% Fibonacci level and preparing for another breakout rally.
If the meme coin manages to surpass the 50% level, a surge to the March peak at $0.0000003875 is possible. Optimistically, the Fibonacci level at $1.618 at $0.0000005762 is a potential long-term target if the Baby Doge Coin becomes the next doge.
On the flip side, the growing volatility in the crypto market warns traders to remain cautious. Although the bull run is gaining momentum, the meme coins are known for quick turnaround and intense pullbacks.
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