Sunday, September 25, 2022

Baby Doge Surged 35% After The Huobi Listing: Analysis

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Baby Doge surged 35% after it got listed on the Huobi cryptocurrency exchange, while the rest of the market headed south and this coin defied all odds so let’s read further in today’s latest altcoin news.

Baby Doge is another meme coin inspired by the relationship between Elon Musk and Dogecoin which surged by 35% earlier today and became listed on the crypto exchange Huobi which announced the addition to the platform earlier today. Launched in the middle of the memecoin frenzy, Baby Doge exploded in popularity after a tweet by Elon Musk that contained the name and while the project claimed that the billionaire had in mind this new memecoin, there was no confirmation coming from Musk himself. However, this didn’t stop the triple-digit surge and today, BABYDOGE went on an offensive as it increased by 35%.

babydoge
BABY DOGE 24-hours Price Chart (Source: Coingecko)

In a matter of hours, the asset increased to a new high which became the highest held price position in over a week. The impressive price surge came at an unexpected time as the rest of the market is deep in the red and as such, it will be safe to attribute it to the latest addition on Huobi. The crypto exchange announced the addition of BABYDOGE a few minutes before the pump and the platform even enabled deposits while the spot trading for BABYDOGE/USDT will open once the deposit volume meets the demand of the market trading that will be announced in advance. Baby Doge made a few strides outside of the crypto community by partnering with the German soccer team TSG Hoffenheim.

As recently reported, Huobi reports that nearly 7 in 10 crypto holders entered the market in 2021 and despite the rising interest in the asset class, approximately 25% of the participants believe that it is all scam or a bubble that is going to collapse survey estimated. Huboi’s poll consisted of more than 3000 people and the company conducted it in mid-December 2021 while the results were released a few days ago.

baby doge
BABY DOGE 7-Day Price Chart (Source: Coingecko)

Every third participant admitted there are a few crypto holders and a deeper analysis revealed that the majority started investing last year. In comparison, only 9% said they jumped on the crypto bandwagon more than four years ago. About 46% of the investors revealed they allocated $1000 or less in the asset class and at the same time, 25% admitted investing between $1000 and $10,000.

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