But not all meme coins have nosedived. Baby Doge is on a growth trajectory. From the onset, the steady rise of Baby Doge is a telltale sign of a promising year and asserting its position among the pup coin peers.
Baby Doge Growth
The meme coin came to the market with an advantage. Baby Doge rode on the wave created by its larger barking buddies. It started trading at $0.000000001200 back in August 2021 and went on to hit new highs in October after smashing the $0.000000005223 level. It then dipped before rising again to hit $0.000000006338 and is now trading at $0.000000003989.
As mentioned, puppy digital coin growth rode on the meme coins wave and fuss, not necessarily because of its use cases. Investors expect and hope Baby Doge would replicate the performance of Dogecoin or Shiba Inu and become the next big meme. Crypto traders who went long in September are now enjoying the good tides.
But how long will it sustain the upwards move? Let us see what the experts say about the meme coin to answer this question.
Baby Doge Price Forecasts
CryptoPredictions.com Forecasts
CryptoPredictions.com site provides daily, monthly, and annual crypto forecasts. It uses mathematical models to provide some of the most accurate predictions. However, you should not take their predictions as financial advice. The site advises investors to do their due diligence before opening a trade.
Baby Doge Q1 Predictions
Currently trading at $0.000000003989, the CryptoPredictions platform predicts for Baby Doge to average $0.000000004884815 in February. The price is projected to advance, albeit gradually, and range between $0.000000004191601 and $0.00000000616412 in March.
Q2 Forecast
The site predicts a Baby Doge coin to average $0.000000004979296 in April. The price is projected to rise in the following month to trade at an average price of $0.000000005021455. In the last month of the quarter, the projected average price is $0.000000005059574. In general, the price could reach highs of $0.000000006324468 in the second quarter of 2022.
Q3 Predictions
Like in the previous quarter, bulls are expected to continue dominating the market and increasing prices. In July, the price range according to the Cryptopredictions site estimates is between $0.000000004326792 and $0.000000006362929. However, the price could surpass the previous highs of the year, to eventually reach a maximum price of $0.000000006393674 in August. The coin’s value is projected to be the highest in September, oscillating between $0.000000004361609 and $0.00000000641413.
Q4 Forecasts
The fourth quarter is expected to be quite different. CryptoPredictions projects Baby Doge to average $0.000000005138372 in October. However, forecasts show that the Baby Doge average price could fall to $0.000000005135519 in November and $0.000000005121732 in December. In the final quarter of the year, Baby Doge is projected to oscillate between $0.000000004367616 and 0.000000006402165.
The Baby Doge Coin will be most valuable in September as per the website’s predictions. The projections show the correction might continue to the last quarter of 2023, when the price might eventually rebound.
Technical Analysis
Let’s interpret the direction of the baby doge implied by the technical indicators. The Moving average line is slanting downwards, a telltale sign of a bearish movement. This signifies that the sellers are stronger than the buyers in the market. The MACD technical indicator cements this position. The indicator has formed red bar graphs on the lower side of the line showing the bears are in control of the market.A bullish signal occurs when the MACD changes to blue and starts forming the bar graphs on the top side of the indicator line.
The Fibonacci extension is yet another essential technical tool for forecasting the price of an asset. According to this chart, the price resumed an uptrend before finding resistance at the 50% level. It is in a correction phase characterized by short candlesticks signifying market indecisions.
An uptrend will see the price go upwards and perhaps find first resistance at 61.8% at price 0.000000005128. Another resistance might be at the 0.000000006340 level, which is the current year to date high. A strong uptrend could see the price reach 1.618% Fibonacci level and trade at around 0.000000008784.
According to the Relative strength indicator, Baby Doge was in an overbought area around the beginning of the year. However, the trend has reversed. Currently, the baby doge is almost at the central level of the RSI indicator. However, it is pointing in a downward direction. This means that you might want to wait until it reaches the oversold zone to signify a trend reversal to the upside.
Fundamental Analysis
Listing on Crypto Exchanges
On Jan 18th, Baby Doge was listed on the Hong Kong-based exchange Coin Ex giving it the push required to maintain upward move. The coin proliferated 16% in 24 hours. With over 2 million users spread over 100 countries, the exchange gave the coin the requisite exposure and access to dog-themed meme coins.
According to data by Whale Stats, Baby Doge now boasts about 1275995 holders with top 1000 BNB wallets holding 989,582,594,495,517 coins worth $5,027,713. The number increased by 15,594 from the previous day before listing. Baby Doge now trades against the tether (USDT) stable coin allowing the platform users to make the meme coin digital currency deposits and withdrawals.
Here is the point. Baby Doge is yet to list on big platforms such as Binance. If it lists these platforms, you can expect the price to hit new highs.
Supply and Demand Forces
Baby Doge supply is deflationary, which means that coins are burned to reduce supply. For instance, in July, the cryptocurrency announced the burning of 250 trillion coins. While the total supply of the Crypto is 420 quadrillion, these successive burns reduce the supply significantly. It has now burned 41% of the total supply.
In addition, the majority of liquidity provider tokens are either locked or burned. Reducing the supply increases the value. This means the price will increase, provided the demand remains the same or increases.
What’s more, the Doge Baby ecosystem has a rewards system that distributes 5% of transaction costs to users. This means you earn simply by holding doge baby coins in your wallets. This is an appealing feature that could attract investors pushing demand and, in turn, the value upwards.
If Elon Musk and other meme coins enthusiastic big names back Baby Doge, the prices could head to the moon. Sitting at position 2854, it still has a long way to go to reach the top 10 digital coins. In a positive light, it has massive room for growth which would translate to big profits if it catches up with the likes of Dogecoin.
Final Words on our Baby Doge Predictions
Meme coins have created a lot of buzz in the crypto space in 2021. Coins like Shiba Inu and Dogecoin have grown a thousand folds minting new millionaires. Doge knock-offs are riding on this wave and have experienced massive growth. Baby Doge started the year with value gain as the rest of the dog-themed meme coins dipped. While this does not mean much, 2022 could be the year of Baby Doge.
This article was originally posted on FX Empire
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