• 26 May, 2024
Markets News

Baby Doge Proposes Zero Fee Structure on BNB Chain, Gains Attention

The Baby Doge community is buzzing with the latest development involving a new DAO proposal. According to an announcement on X, the proposal is to eliminate fees for transactions made on the BNB Chain using Baby Doge. Consequently, this proposal has sparked increased interest in the cryptocurrency, propelling it onto the Trending and Most Viewed lists on CoinGecko.

Moreover, the fee reduction is anticipated to enhance trading efficiency and attract more users to the BabyDoge ecosystem. Additionally, the move aims to increase the token’s accessibility and usability, reinforcing its position in the competitive cryptocurrency market. Significantly, the market has reacted favorably, with social metrics and engagement scores seeing a notable rise.

Looking at Baby Doge’s market performance, BabyDoge is exhibiting a bullish trend. Baby Doge is exchanging hands at $0.000000001998, up by almost 10% in the past 24 hours. Baby Doge has had a tremendous journey in the past week, surging by 20% before facing a pullback in the $0.0000000022 region. 

On the monthly chart, Baby Doge has been trading in a descending channel, declining from the  $0.00000000261 level to the $0.0000000015 level, recording a 17% decrease. At press time, Baby Doge is facing immediate resistance at $0.000000002258 while support has been formed at $0.000000001715. The market capitalization and the trading volume have surged by 9% and 370%, with their values at $287 million and $18 million, respectively. 

Technical indicators on the daily chart display a bullish market sentiment. Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are currently hovering in the positive region. 

Babe Doge chart: TradingView

The RSI is in the overbought region, which suggests an increased buying pressure in Baby Doge’s market. However, the RSI’s overbought condition indicates that a correction could be looming. The MACD line has crossed above the signal line below the zero-line mark, suggesting a robust bullish momentum in play. In addition, the histogram has started to print green bars, indicating a shift in trend favoring the bullish sentiment.

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