Good question! Could the recovery of the sector have a positive impact on Baby Doge, whose price has fallen sharply in the past month. After 30 days, the crypto suffered a net loss of 51.6% on the stock market. But all is not yet lost for Baby Doge Coin as during the last trading session its value increased by 41.2%.
Why is Baby Doge climbing again on the stock market?
The London Hard Fork Profits Over Baby Doge
The news of the Ethereum network update has had an overall positive impact on the cryptocurrency universe. For the last session, the market was up 7% with BTC and ETH genuinely in the clouds. At the time of writing, the top two cryptocurrencies are posting growth rates of 9.34% and 7.80%, respectively.
This bullish wave in the crypto market allowed Baby Doge to benefit from the volume effect even if it encouraged its value to rise. Between August 4-5, Baby Doge's purchasing volume more than doubled. It went from $ 12 million to $ 27 million in the space of a day. Baby Doge's price also increased by 41.2%.
Baby Doge is at -63.7% of his ATH
To return to its highest levels, Baby Doge's price must rise to $ 0.00000000005890, its highest level ever on the stock market. To do this, he must first return to the July 4-5 volume. Definitely, the 4-5s are very beneficial in terms of volume for Baby Doge. As of July 4-5, the trading volume on Baby Doge Coin has reached its highest level. In the first day it was $ 128 million and in the second it rose to $ 174 million.
The volume of transactions is not going to increase by magic. Investors must take an interest in Baby Doge. That’s why it’s going to need a boost from the one that launched it to the stock market: Elon Musk. The boss of Tesla is known for his support for token memes. To be able to test his ATH again, he will need Elon Musk's help.
Should we invest in Baby Doge?
The answer to this question is a bit difficult. Buying shit coins is not often seen as a good investment as they are mostly cryptocurrencies that do not have any solid foundation. By name, "Token Memes," they are created as crypto projects stemming from a social media joke or troll.
However, given the current market trend, Baby Doge is not such a bad investment in the short term. " Buy the dip, sell the peak Before the cryptocurrency returns to its ATH level, investors can enjoy a 63.7% rise. If the current uptrend continues, it could be that the market bump effect spills over to Baby Doge very quickly and the crypto could hit its ATH again. This is not a long-term project, but we also cannot let short-term gains slip away.