BABYDOGE experienced a remarkable increase of over 120% within ten days following its listing on Binance, with upcoming products and features enhancing the bullish sentiment.
This memecoin, based on the Binance Smart Chain, has risen by 17.6% in the past 24 hours and more than 120% in the last ten days, currently trading at $0.0000000023—levels we haven’t witnessed since April. Throughout this time frame, the market cap of Baby Doge Coin (BABYDOGE) surged from $158 million to $357 million, indicating a significant influx of investor interest.
Key developments
The majority of this impressive rise was triggered by the Binance listing on September 16, which caused the token’s price to rocket nearly 100%, jumping from $0.000000001047 to $0.000000002058 in just a few hours.
Since then, the project has achieved listings on centralized exchanges including Tokocrypto, ZKE, LBank, and CoinDCX, as well as expanded into perpetual trading on HTX Global and Bitrue, along with several decentralized exchange listings, significantly boosting its international presence.
Moreover, the project is developing several new offerings behind the scenes. One of the most eagerly awaited projects is puppy.fun, a memecoin launcher designed to compete with Solana’s Pump.fun and Tron-based Sun.Pump.
Additionally, the Baby Doge developers are preparing to introduce BabyDoge PAWS, which will serve as the native wallet for the Baby Doge ecosystem.
However, the latest surge in the token’s price came after the project announced that Binance has included BABYDOGE in its yield-earning initiative called ‘Binance Earn.’
Shortly after this announcement, the Baby Doge team introduced BabyDoge explorer, a multichain search tool that will be integrated into all Baby Doge products, including puppy.fun and the Baby Doge wallet application.
The performance and price movements of a memecoin are often influenced by the excitement surrounding it and the strength of its community. For Baby Doge, the recent developments have undoubtedly played a crucial role in maintaining its price surge, as each new announcement and listing bolstered investor confidence and sustained the momentum.
Social sentiment around the project is currently positive, with community members on X and in the project’s Telegram group expressing enthusiasm about the forthcoming launches. This optimism could potentially propel the price higher, especially considering the token’s relatively small market cap, which offers ample room for growth.
Correction soon?
Technical indicators indicate that BABYDOGE is on an upward trajectory, having breached the upper Bollinger Band, supported by a remarkable volume surge of 393.40% in the past 24 hours. However, the Relative Strength Index standing at 100 points to an overly overbought situation, signaling that a correction may be imminent.
Compounding this bearish outlook, BABYDOGE’s weighted funding rate has turned negative at -0.0881, while open interest has decreased by 5% to $580.67k. This decline in open interest suggests less market participation and indicates a shift in trader sentiment toward bearish positions, potentially anticipating a pullback.
At present, the memecoin is trading between a support level of $0.000000001586 and resistance at $0.000000002738.
If buying pressure persists and the price breaks above the resistance, we could witness a movement towards new highs. However, if the price fails to maintain the support level, especially given the RSI indicating overbought conditions, a correction could lead to a drop in price.
