- Baby Doge saw a surge in demand, likely triggered by a post by Elon Musk.
- Whales controlled most of Baby Doge’s supply, suggesting bullish anticipation.
As a researcher with years of experience in the cryptocurrency market, I have seen my fair share of memecoins that come and go. However, Baby Doge [BABYDOGE] has managed to capture my attention once again due to its recent surge in demand. The heavy bullish price action seems to be a reaction to a post by Elon Musk, which is not surprising given the market’s history of rallying around his social media posts.
In simpler terms, the cryptocurrency called Baby Doge [BABYDOGE] has made its way onto the list of the top performers over the past 24 hours. This impressive surge brought it to a level not seen in nearly ten months, but the cause behind this bullish trend is intriguing.
On December 7th, holders of Baby Doge coins received their redemption, as the token gained popularity among the bullish investors.
Earlier in November, the memecoin made an attempt at a surge, but this effort failed, causing it to relinquish the progress it had made before. To start December, its pace was rather sluggish.
In contrast to its recent underperformance, Baby Doge managed a strong, bullish surge in September.
24 hours ago, I saw an impressive surge of over 82% in my crypto investment. This rally indicates that it’s still a magnet for bullish interest and attention.
The Elon Musk phenomenon
It’s possible that the strong increase in Baby Doge’s price wasn’t just chance; it might have been triggered by a post from Elon Musk, who leads Tesla. In fact, the market often shows excitement following his social media updates.
However, it’s possible that this could indicate a potential ceiling for Baby Doge’s growth. Yet, it doesn’t automatically mean that this will be the case. Interestingly, data from IntoTheBlock shows that as of the current moment, whales own about 98.99% of the entire supply of the memecoin.
It is worth noting that Baby Doge is yet to be listed on major exchanges like Binance or Coinbase.
In the future, listing on these stock exchanges might indicate potential growth opportunities. However, it may also necessitate strong demand from the retail sector to sustain such a move.
As for retail trends, the number of Baby Doge coin wallets has been increasing significantly since the beginning of 2024. Initially, there were around 15,880 wallets holding some balance, but this number has now grown to 27,580.
The latest stats revealed that it had 33,680 addresses.
Contrarily, Coinglass shows that Baby Doge experienced a net outflow of approximately $2.51 million over the past 24 hours, which is surprising given the significant increase in price within the same timeframe.
Meanwhile, Open Interest in the derivatives segment pushed to $2.41 million.
Additionally, the noted occurrences coincided with a significant increase in quick closure transactions, reaching a high of $51,010. This pattern implies that the majority of the demand appears to be concentrated within the derivatives market.
Read Baby Doge’s [BABYDOGE] Price Prediction 2024–2025
It may also indicate that the rally may have been induced by massive whale accumulation.
The dominance of whales in holding most of the cryptocurrency indicates a potential increase in interest from individual investors. Therefore, it’s advisable to monitor developments regarding listings on prominent exchanges.
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2024-12-08 11:03