Here’s why the Baby Doge Coin pumped to March highs

Baby Doge Coin rose for four consecutive days, reaching a high of $0.0000000028, its highest level since March. 

Puppy.fun airdrop ahead

Baby Doge Coin (BABYDOGE), one of the largest meme coins, has risen by 37% in the last seven days and by 250% from its lowest point this year. Its market cap has grown from $180 million in January to over $417 million.

The token’s rally began in September when it was listed by Binance, the largest crypto exchange in the industry. According to CoinGecko, BABYDOGE’s 24-hour volume on Binance was $94.23 million, accounting for 98% of the total. It was also recently listed by BiKing, a gaming and crypto exchange.

The rally coincides with the upcoming launch of Puppy.fun and its airdrop. While details are scarce, Puppy.fun will likely be the next meme coin generator in its ecosystem.

These generators have gained popularity recently. All meme coins generated in Solana’s Pump.fun have accumulated a market cap of over $1.3 billion, while its all-time fees collected have risen to $122.48 million. All Sun Pump tokens have a market cap of over $366 million.

While Baby Doge Coin is a meme coin, the developers have worked to create a utility for the token. They launched the BabyDogeSwap DeFi platform, where users can swap, earn, and buy NFTs. According to DeFi Llama, BabyDogeSwap has a total value locked of over $2.14 million. 

BABYDOGE token has also rallied amid rumors that it will be listed by Coinbase, and that the developers will expand it on Solana (SOL) and other chains.

Baby Doge Coin price flipped key resistance

Baby Doge Coin chart | Source: TradingView

The daily chart shows that the BABYDOGE token surged in September after the Coinbase exchange listing. Prior to that, it had formed a falling wedge pattern, a popular bullish reversal indicator.

It formed a golden cross pattern on Sept. 27 as the 50-day and 200-day moving averages crossed. In most cases, an asset continues its bullish trend after forming a golden cross.

Baby Doge Coin crossed the important resistance point at $0.0000000027, its highest point on Sept. 28. Therefore, a move above Oct. 9’s high of $0.0000000028 could signal further upside.