“Second Shiba” BabyDoge recently entered massive 50% rally, but it might have something more to show
The 40% rally we saw on BabyDoge on August 9 has unfortunately faded, and souvenirs are now returning to new lows. But the possibility of another rally still remains as the token reaches a critical milestone,
1.6 million holders exceeded
The most recent achievement of the memetoken was the enormous number of holders that the network exceeded. More than 1.6 million holders shows the popularity of the token among retail investors and might become fuel for an upcoming rally.
With the recovery of the cryptocurrency market, we are seeing an increase in inflows into the industry, which means that in the upcoming rally, assets with large numbers of holders – including Dogecoin, Shiba Inu and BabyDog – will spike in buying power. Investors look for a variety of instruments for risk exposure.
Is there a chance for a rally continuation?
Since Aug. 10, BabyDoge lost around 18% of its value, which usually means the end of a local rally and a drop back to local lows. The correction is usually followed by a rapid drop in volume and market outflows, which is not the case for BabyDoge.
Volume profile wise, we are seeing an increasing trend in terms of volumes as more traders and investors are getting into the souvenirs. With the increase in trading volumes, there is a real possibility of an upcoming breakout and continuation of the market rally.
As for now, BabyDoge is trading with a 1.7% price correction in the last few hours, moving between two important support and resistance lines: the 50-day and 200-day moving average.
