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.
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.