Baby Doge price has been a bit volatile in the past few days as investors buy the coin’s dip. The token surged to a high of $0.0000000021, which was the highest level since April 2022. It then pulled back and was trading at $0.0000000018. The meme coin has a total market cap of over $156 million, making it the 232nd biggest cryptocurrency in the world.
Why is Baby Doge rising?
Baby Doge is one of the several meme coins that came up following the success of Dogecoin. The other popular coins that came up during the period were Shiba Inu, Floki Inu, and Dogelon Mars. After soaring in their early days, most of these coins crashed to their lowest levels on record.
Baby Doge is a meme coin that aims to have utility value and a community of members. According to its white paper, the coin’s goal is to spread awareness on animal adoption. Some of the platform’s features are its Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT).
Its DeFi platform allows people to swap tokens through the BNB Smart Chain platform for a small cost. One can also farm tokens and earn a return. Its NFTs are sold at OpenSea, with a cut of these funds going to animal conservation.
Baby Doge price has rebounded recently as investors react to the decision by Elon Musk to go on with his Twitter acquisition. Musk, the richest person on earth, is well-known for his love for Dogecoin, which is one of the top cryptocurrencies he owns.
In his previous tweets, Musk said that he will likely introduce Dogecoin as a medium of exchange in Dogecoin’s ecosystem. If this happens, it will be a big deal since Twitter is one of the best social media companies in the world with millions of active users internationally. As such, Baby Doge rose because of its correlation with the main Dogecoin.
Baby Doge price prediction
So, is now a good time to buy Baby Doge? The daily chart shows that the Baby Doge price went parabolic on Tuesday after Musk agreed to buy Twitter. It then pulled back after it surged to the highest level since April 27. The coin has also moved above the 25-day and 50-day moving averages.
Therefore, I believe that the coin will likely continue retreating as the enthusiasm for Musk’s Twitter purchase fades. If this happens, the next key support level to watch will be at $0.0000000012.