Baby DogeCoin Price Surges 15% With Zero-Fee Strategy

BABYDOGE, one of the dog-themed meme coins that gained popularity after Elon Musk’s tweets, has risen more than 15% in the past 24 hours despite bearish sentiment across cryptocurrencies. did. At a fully diluted valuation of approximately $882 million, the small-cap meme coin’s average daily trading volume has tripled to approximately $17 million.

What inspired Baby Doge Coin Spike

The sudden rise in price of Baby DogeCoin was largely due to the overwhelming support for a new DAO proposal that would have 0% transfer, buying, and selling fees on the BNB chain. Remarkably, DAO’s proposal received over 98.89% support from the community. As a result, BABYDOGE is now able to compete in trading volume with other top-level meme coins such as Floki (FLOKI) and Solana-based projects.

Over the past few years, purchases, sales, and transfers of BABYDOGE have been subject to taxes of up to 10 percent, making meme coins unattractive to small meme coin traders and whale traders.

“Lowering fees to 0% could make Baby Doge more accessible to a wider audience. 0% fees could encourage more frequent usage and transactions. Suggestion The paper notes that the 0% fee structure positions Baby Doge as a more attractive option than other memes with higher transaction costs, potentially attracting new user adoption and use cases. I got it..

Disadvantage

BABYDOGE will not conduct its regular monthly burn as the new DAO proposal to reduce transaction fees to zero has been overwhelmingly supported. Additionally, the team announced that BABYDOGE’s unlocked tokens worth $100 million can now be used to increase the number of team members and other expenses.

$BABYDOGE price has been stable in a macro triangle pattern for over two years. However, $BABYDOGE price retested the top of the triangle after a breakout from the macro downward logarithmic trend, hinting at an upcoming bullish season.

Meme coin prices have rebounded over the past two weeks from the recent cryptocurrency correction. Furthermore, the weekly relative strength index (RSI) recovered to the 50s for the first time.

Related Article

0 Comments

Leave a Comment