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Baby DogeCoin (BABYDOGE), one of the top dog-themed meme coins that thrived from Elon Musk’s tweet, rallied over 15 percent in the past 24 hours despite the general crypto bearish sentiment. With a fully diluted valuation of about $882 million, the small-cap meme coin saw its daily average traded volume triple to around $17 million.
What Influenced Baby Doge Coin Spike
The sudden spike in Baby DogeCoin was largely influenced by the overwhelming support of the new DAO proposal for 0 percent fees to transfer, buy, and sell on the BNB Chain. Remarkably, the DAO proposal received over 98.89 percent community support. As a result, BABYDOGE can now compete with other top-tier meme coins like Floki (FLOKI) and Solana-based projects in trading volume.
🌟 Exciting Update! An overwhelming 98.89% of voters have chosen in support of 0% fees, potentially enhancing your interactions with our beloved #BabyDoge making our meme easier to interact with 🐶
— Baby Doge (@BabyDogeCoin) April 25, 2024
Exciting times ahead for the #BabyDogeArmy
Vote now below ⬇️… https://t.co/qZKcvrllOg pic.twitter.com/6adhNuaAAW
Over the past years, buying, selling, or transferring BABYDOGE has cost holders up to 10 percent tax, making the meme coin unattractive to small meme coin traders and whale traders.
“Lowering fees to 0% may make Baby Doge more accessible to a wider user base. A 0% fee may encourage more frequent usage and transactions. The proposal noted that a 0% fee structure positions Baby Doge as a more attractive option than other memes with higher transaction costs, potentially drawing in new user adoption and use cases,” the proposal noted.
The Downside
The overwhelming support of the new DAO proposal to lower transaction fees to zero means BABYDOGE will not be conducting its usual monthly burns. Additionally, the team announced that it can now tap on the unlocked tokens, amounting to $100 million worth of BABYDOGE, to increase the number of team members, among other expenses.
The $BABYDOGE price has been consolidating in a macro triangular pattern for more than two years. However, the $BABYDOGE price signaled a bullish season ahead after a breakout from a macro-falling logarithmic trend and retested the upper border of the triangle.
The meme coin price rebounded in the last two weeks from the recent crypto correction. Furthermore, the weekly Relative Strength Index (RSI) rebounded on the 50 level for the first time.