Binance has bought $6.9 million worth of Baby Doge Coin, representing about 4.91% of the total supply. This purchase followed the token’s listing on Binance in September 2024, which led to increased trading activity.
The coin first gained popularity in July 2021 when Elon Musk tweeted a playful version of the “Baby Shark” song, swapping “shark” with “Baby Doge.” This tweet caused a 130% increase in the token’s value. Although Musk’s involvement was brief, the event established this token within the meme coin space.
What The Experts Are Saying
Experts believe that Binance’s investment in Baby Doge could stabilize the token by increasing liquidity and visibility, potentially attracting more investors. Some predict that this meme coin could replicate the success of other meme coins, like Shiba Inu, which saw explosive growth after being listed on multiple exchanges.
Additionally, Baby Doge’s deflationary model, where tokens are burned periodically to reduce supply, may also support long-term growth. There is also speculation about possible listings on additional exchanges, such as Bitget.
Baby Doge Is Showing Bullish Sign
The price chart of Baby Doge Coin shows a clear upward trend since early September 2024. The token began around 0.0008704 and reached a peak of 0.0035241 in October.
After peaking, the Baby Doge coin entered a consolidation phase, forming what appears to be a bullish flag or ascending channel pattern. This pattern often suggests that, following consolidation, the price may continue its upward trend if it breaks out from the current range.
The current support level is around 0.0025676, where buyers are actively stabilizing the market. Meanwhile, resistance has formed at 0.0035241, a level that needs to be breached for the coin to resume its rally. Analysts expect the consolidation phase to be a pause before potential further gains. Should Baby Doge break above the resistance level, it could resume its upward trend. However, if support around 0.0025676 fails to hold, a deeper correction might follow.
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