- Baby Doge Coin burns $154k worth of tokens in a month.
- The bearish trend persists amid a 25% price dip in the past month.
As we step into the second month of 2024, major discussions around memcoins seem to be dwindling in the market. Nevertheless, the memecoin community is steadily growing, hinting that the days of wild returns for memecoin bulls may not be too distant. Talking of it, the prominent Baby Doge coin executed a burn of 139 trillion worth worth $154K of Baby Doge this month, demonstrating an active commitment to its user base.
Much Wow 🐶
— Baby Doge (@BabyDogeCoin) February 1, 2024
139,000,000,000,000 #Babydoge was burned this month from user volume 🔥
Proof of burn: https://t.co/NHxL4RPr1z pic.twitter.com/CWpY5RKEtF
Despite the burn, Baby Doge experienced bearish trends in the past month, with a 25% dip in its value. However, in the last 24 hours, the coin has seen a 1% surge, currently trading at $0.000000001117. During the same period, the trading volume has decreased by 0.74%, settling at $2.41 million.
Analyzing the price movements of Baby Doge presents a bearish outlook. The 9-day exponential moving average (EMA) is currently positioned above the trading price at $0.000000001131. The scenario suggests that if the bulls assert their strength, the price may decrease to $0.000000001051 if the bears dominate.
