Shiba Inu and Dogecoin predecessor might be aiming for reversal to upper border of consolidation range
BabyDog is one of the most volatile and speculative assets on the market as the Shiba Inu’s predecessor is still struggling to break out of the long consolidation range that saw its value rise by up to 80%, but then a reversal. During this half of it was lost.
BabyDoge entered the aforementioned range back in May when it tumbled from $0.000000003506 to $0.00000000099. Such a rapid and strong drop from the local high caused a panic among investors but also flashed opportunities for speculative traders who aim at high-risk deals that might potentially bring extremely high returns.
At press time, BabyDoge is moving on the lower limit of the range, which, according to its trading history, suggests that a bounce to the upper limit of the range is a possibility, which, if it does, could result in more than 50% profit. will bring. to the holders.
The range break is what most holders of the meme asset aim for as it might cause parabolic growth and put BabyDoge back at the top.
The network grows radically
Despite the speculative nature of the project and the lack of use cases, we are seeing a gradual increase in the number of BabyDog holders, which is one of the most important signs of growth for any type of crypto or financial asset.
According to the holder composition, most BabyDoge investors invested in the asset only a few months ago and are already holding it at a loss. Obviously, the story of the memecoin can be compared to Shiba Inu’s, which has shown the market greater returns in recent days.
As of press time, BabyDoge has been increasing its value by about 3% over the past 24 hours.
