📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
CandyDrop × Succinct (PROVE) — Trade to share 200,000 PROVE 👉 https://www.gate.com/announcements/article/46469
Futures Lucky Draw Challenge: Guaranteed 1 PROVE Airdrop per User 👉 https://www.gate.com/announcements/article/46491
🎁 Endless creativity · Rewards keep coming — Post to share 300 PROVE!
📅 Event PeriodAugust 12, 2025, 04:00 – August 17, 2025, 16:00 UTC
📌 How to Participate
1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ
The market is in a frenzy! But is this meme coin rebounding against the trend by 49%? Analysts say it's ready to challenge new highs.
This meme coin rebounds 49% against the trend.
According to CoinGecko data, BTC ($BTC) experienced a big dump after hitting $100,000 last night, briefly dropping to $96,000, and even forming a long needle straight to $90,000 on major exchanges, catching the entire cryptocurrency market off guard.
However, in the midst of a gloomy market, the meme coin based on BNB on-chain, Baby Doge Coin ($BABYDOGE), rebounded against the trend, soaring from a low of 0.000000004109 dollars to 0.000000006077 dollars on December 9, with a staggering 49% increase in a single day.
Image Source: CoinGecko Baby Doge Coin Price Chart
According to the latest data, the daily trading volume of Baby Doge Coin is about 475 million US dollars, and the market capitalization is stable at 967 million US dollars, just one step away from the psychological barrier of 1 billion US dollars.
Why did the meme coin Rebound against the trend?
From the community feedback, the outbreak of Baby Doge Coin ($BABYDOGE) can partly be attributed to a tweet from Tesla CEO Elon Musk. He shared a photo with his son, accompanied by the words 'Doge & Minidoge'. Despite not directly mentioning BABYDOGE in the tweet, the community response was extremely enthusiastic.
In addition, the driving force of the futures market cannot be ignored. According to CoinGlass statistics, the open interest of the $BABYDOGE futures market surged by 44% in just one day, with a total volume exceeding 1.04 billion dollars.
Image source: CoinGlass Baby Doge Coin Open Interest
One of the important reasons for the price increase is also the strong increase in investment by Whale investors. According to data from IntoTheBlock, on December 5th, $BABYDOGE was still in a state of daily net outflow of 1.22 trillion ㄎTokens, but on December 8th, it turned into a significant daily net inflow of 10.21 trillion Tokens.
Analyst: Ready to challenge new highs
From the perspective of Technical Analysis, analysts believe that the upward trend of $BABYDOGE has not yet ended. On the daily chart, the price of the coin has broken through the upper rail of the Bollinger Bands, indicating that long positions still dominate; the Moving Average Convergence Divergence (MACD) line is also above the signal line and showing a continued upward trend, reinforcing the bullish signal.
Although the relative strength index (RSI) has exceeded 100, theoretically entering the Overbought zone, investors' strong buying pressure seems to have suppressed this potential pullback signal, and the percentage price oscillator (PPO) similarly shows continued rise momentum, supporting the possibility of further rise.
Image Source: CoinGecko Baby Doge Coin Price Chart
As of the time of writing, the price of $BABYDOGE is reported at 0.000000005198 dollars, analysts predict that if $BABYDOGE can break through the historical high of 0.000000006345 dollars, it may challenge the psychological resistance level of 0.0000000065 dollars next.
But analysts also warned that the current $BABYDOGE is testing the key support level of 0.000000005 dollars, and if it falls below that level, it may further decline to seek support around 0.0000000045 dollars.
Despite the current market sentiment and technical indicator, $BABYDOGE seems to have the potential to continue to rise in the short term. However, the price of meme coins is often limited by short-term speculation, lacking stable fundamental support, so a rapid rise may also be accompanied by a severe correction.
[Disclaimer] There are risks in the market, and investment needs to be cautious. Analyst opinions are for reference only. Users should refer to more diverse indicators to judge whether to invest and consider whether any opinions, viewpoints, or conclusions in this article are appropriate for their specific situation. Therefore, investment is at your own risk.
'Market crashes! But this meme coin defies the trend and rebounds 49%? Analyst: Preparing to challenge new highs.' This article was first published in 'encryption City'.