Baby DogeCoin has gained entire market traction after announcing that it was planning on transferring to the Solana blockchain. This action may create new prospects for investors and developers in the constantly changing bitcoin market.
The news likely has kept the price of the coin afloat, with Baby Doge trading up 3.74% at $0.082439 a piece.
The ecosystem had also announced that there will be a 1% fee on all bridge transactions and a percentage of that will be used to burn BabyDoge tokens manually.
Why Is Baby Doge Popular?
A growing number of investors are attempting to capitalize on BabyDoge’s recent surge in market popularity. The coin has the potential to soar in the future as it is now trading quickly between the green and red territory.
The ecosystem has made repeated attempts to introduce additional features to the market. As a result, investors are becoming more and more interested in it.
After Elon Musk tweeted about the “Baby Doge Coin,” BABYDOGE, which made its debut on June 1, 2021, became well-known. The value of Baby Doge Coin skyrocketed in less than a day soon after its launch. Although the token swiftly developed its fan base, it most likely took advantage of Dogecoin’s success.
Additionally, the coin has also benefitted from the rise in meme coin demand, helping investors take money away from conventional cryptocurrencies.
Baby Dogecoin: Technical Indicators Show Bullish Turn Ahead
At present, Baby Doge has been an investor favorite. According to the coin’s technical indicators, the Fear & Greed Index is currently at 77 (Extreme Greed), while the attitude is neutral.
Over the past 30 days, Baby DogeCoin has experienced 7.57% price volatility and 11/30 (37%) green days. The overall mood of the price prognosis of Baby Doge Coin is neutral, according to the coin’s market indicators.
Of the technical analysis indicators for the token, 18 indicate bullish signs, while 10 indicate bearish indications.
If the current optimism continues, the 200-day SMA for Baby Doge Coin is expected to grow over the course of the next month. Additionally, by December 29, the short-term 50-day SMA for Baby Doge Coin is predicted to reach $0.0₈3686.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. With an RSI value of 50.32 at the moment, the BABYDOGE market is in a neutral state.