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What's the Reason Behind BABYDOGE's 8% Pump?

What's the Reason Behind BABYDOGE's 8% Pump? WikiBit 2024-05-02 21:48

Memecoin BABYDOGE jumped 8% over the past 24 hours.The meme projects 0% transaction fee proposal fet

  • Memecoin BABYDOGE jumped 8% over the past 24 hours.

  • The meme projects 0% transaction fee proposal fetched 99.57% votes; an official update is anticipated.

In the last 24-hour trading window, memecoins have surged, with key hyped memes Dogwifhat (WIF), PEPE, and BONK leading the pack with double-digit gains. Following the trail, BabyDoge (BABYDOGE), a notable dog-themed Ethereum memecoin, has pumped 7% to reclaim a $270

million market cap

after a bearish week.

This brief pump appears on the chart after the official BabyDoge team confirmed that the community had passed their new DAO proposal — 0% transaction fee — with 99.57% of the votes in favor.

BABYDOGE/USD Price Chart (Source: CoinMarketCap)

On the 4-hour trading chart, BABYDOGE‘s price action hovers above the 9-day exponential moving average (EMA). This indicates the coin’s current uptrend. At press time, BABYDOGE traded at $0.000000001901 and a market cap of $274.8 million. But the daily trading volume experienced no significant increase.

What is BabyDoges New Proposal All About?

The proposal aims to lower BABYDOGE-linked transaction fees to 0% on the BNB chain, to enhance accessibility and adoption. It was presented to the community and opened for voting on April 24. Notably, when the voting concluded on Wednesday, 99.57% of votes from the memecoin community were in favor of the proposal.

Furthermore, once the proposal is implemented, there would be no burns each month, confirms the team. According to data, over 140 trillion BABYDOGE were burned in the last month, with the last 24 hours recording a burn of over 1.96 trillion BABYDOGE.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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