Is Baby Doge Cryptocurrency Worth the Buy or is it a Short-Lived Hype?

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Analytics Insight 05 July, 2021 - 03:01am 19 views

What is baby Doge Crypto?

Baby Doge Coin is a cryptocurrency, that's based on another cryptocurrency, that's based on a meme. It was created by fans and members of the Dogecoin community. ... Part of Baby Doge Coin's mission is helping rescue dogs in need. On June 24, it announced that it donated $75,000 to a nonprofit called PawsWithCause. Motley FoolShould You (or Anyone) Buy Baby Doge Coin?

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Relative Strength Index at the time of writing was pictured away from the centerline noting a gentle uptick which translated to a market with more buyers as compared to sellers. 

DOGE/USD, TradingView

Bollinger Bands pictured a sharp convergence, and the squeeze in the bands point towards low market volatility for DOGE. The even buying and selling pressure of DOGE could be noted as Relative Strength Index almost ran parallel to the median line at press time. The indicator moved up slightly implying an increase in buyers over sellers in the market. 

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Anushmita is a full-time journalist at AMBCrypto with a background in Mass Communication. She is inclined towards writing about the socio-political aspects of the crypto market and also has an interest in analyzing market trends.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

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Dogecoin price analysis: DOGE moves sideways around $0.24, prepares for a spike lower? | Cryptopolitan

Cryptopolitan 05 July, 2021 - 07:12pm

Dogecoin price analysis is bearish for the upcoming hours as the market continued to consolidate in an increasingly tighter range over the past few days. Therefore, we can expect DOGE/USD to spike lower over the weekend and push towards the previous support at $0.165 to continue moving along the overall bearish market direction.

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 2 percent while Ethereum 3.8 percent. The rest of the market follows this pattern of slightly bullish price action development.

DOGE/USD traded in a range of $0.2434 – $0.2526, indicating a moderate amount of volatility. Trading volume has remained flat at around $973.7 billion, while the total market capitalization stands at around $32.3 billion.

On the 4-hour chart, we can see the Dogecoin price action still consolidating in preparation for further downside.

The overall market trades with a strong bearish pressure over the past weeks that resulted in a significantly lower low set on the 22nd of June. From there, DOGE/USD rallied to the $0.29 mark which previously served as a strong resistance. 

Over the past days, Dogecoin traded in an increasingly tighter range with several lower highs set along the 100 period moving average, indicating that bears are building up pressure from which to move lower. 

Currently, DOGE/USD trades close to the moving average again with no signs of a break higher right now. This Dogecoin price action development could lead DOGE/USD towards a lot more downside over the next days as bears want to push the market even lower and retest the $0.165 support again. 

Dogecoin price analysis is bearish for the upcoming days as the market continues to build momentum in an increasingly tighter range around the $0.24 mark. Considering the overall bearish price structure, we can expect DOGE/USD to spike lower next week and continue moving lower along the overall trend. 

While waiting for Dogecoin to move lower again, read our articles on DeFi, Bitcoin fees, and what you can buy with Bitcoin.  

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Egil is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance. He loves to write, listen to music, and ride motorcycles in his free time.

Copyright © 2020 Cryptopolitan.

Dogecoin price fails to rally as Elon Musk shifts allegiances to ‘Baby Doge Coin’

FXStreet 05 July, 2021 - 07:12pm

Dogecoin price is consolidating in a narrow range as investors move to newer meme coins. This range-bound move for DOGE is similar to what other similar cryptocurrencies are experiencing as the hype around them withers away

The history between Musk and Dogecoin runs deep. From naming himself the ‘Dogefather,’ talking about it on the SNL, to ‘sending’ Dogecoin to the moon, the fans have loved Elon Musk for his endorsements. 

However, the recent turn of events might have left these supporters dumbfounded as the CEO’s allegiance shifted to a newer and younger version of Dogecoin known as ‘Baby Doge Coin.’

This move by the Dogefather made matters worse for DOGE, as he tweeted

Baby Doge Coin is a younger version of Dogecoin that is not affiliated with the original meme coin. The price of Baby Doge Coin has rallied 4,376% over the past 26 days and has a current market capitalization of $324 million.

This is not the first time Musk has jumped from one meme coin to another. On June 25, Musk mentioned 'Shiba Inu' another Dogecoin spinoff.

For cryptocurrencies like Dogecoin, Shiba Inu or Baby Doge Coin, the social media hype drives its prices. With the general cryptocurrency market in a slump, meme coins' market value is finding it hard to stay above crucial support floors.

Dogecoin price is currently trading between two crucial levels, $0.27 and $0.23. A breakdown of the support barrier at $0.23 will extend the current pullback and might even trigger a downtrend. However, a decisive 4-hour candlestick close above $0.27 and $0.285 could kick-start an uptrend.

Assuming the Dogecoin price bounces off the demand level at $0.23, investors can expect a 10% upswing to the $0.253 swing high set up on July 4. If the buying pressure continues to pour in, DOGE might tag $0.27.

If the bulls slice through $0.27, the logical target would be $0.285, but any move beyond this area is unlikely. Therefore, investors can expect the consolidation phase to extend over the upcoming week.

Market participants need to steer clear of Dogecoin price due to its consolidation phase. A decisive close above $0.285 or below $0.23 will reveal the direction the meme coin wants to proceed.

In case the support barrier at $0.23 breaks down, DOGE will head to $0.216. If the bearish momentum increases, the demand levels at $0.209 and $0.194 will be tagged.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Dogecoin price is consolidating in a narrow range as investors move to newer meme coins. This range-bound move for DOGE is similar to what other similar cryptocurrencies are experiencing as the hype around them wither away. 

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Elon Musk Shifts to Discussing DOGE After Posting “Free Britney”

U.Today 05 July, 2021 - 07:12pm

The biggest Dogecoin supporter Elon Musk, who often shills Dogecoin by posting memes on his Twitter page, today reacted to a “sell my wife” meme regarding DOGE, agreeing that investing in this volatile meme-currency should be done wisely unless you want to lose a lot of money.

This is actually the principle that should be followed by investors in any cryptocurrency.

Head of Tesla and SpaceX has taken to Twitter to support Britney Spears and join the list of celebrities who are doing that.

Last year, Britney filed a request to the court to have her father removed as the conservator of her estate and to have that role left only to Bessemer Trust Company.

The Los Angeles Superior Court denied her request and officially announced the ruling on June 30.

Now, celebrities have launched a “Free Britney” campaign on social media and Elon Musk has joined them.

However, Doge fans made their appearance in the comment thread. One of them complained about his losses suffered on Elon Musk’s favorite Dogecoin which he often pumps with his tweets (consisting of memes mainly).

The unhappy DOGE holder used the “sell my mother” meme to tell Musk that he had lost a great deal of money on Dogecoin (and “had to sell his wife on the darknet”).

Now, it seems, for DOGE holders, the Tesla CEO is only associated with this cryptocurrency and so they remind him of Dogecoin no matter what he tweets about.

The Tesla CEO sent him a sad emoji as if agreeing that all crypto investments must be wise and nobody should spend on crypto more than they can afford to lose. That works for DOGE as well, Musk seemed to emphasize.

Last week, the centibillionaire posted a few memes, touting Dogecoin, however, the price only managed to move about 2 percent, showing that Musk tweeting about DOGE does not help the coin much anymore.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

The 5 Biggest Mistakes You Can Make When Buying Baby Doge Coin

Motley Fool 05 July, 2021 - 07:12pm

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by Lyle Daly | July 5, 2021

Baby Doge Coin may have only launched at the start of June, but it was a near-instant hit. In the first 15 days, the price shot up by over 1,000%. While that was followed by a large drop, it has since set a new all-time high thanks to a tweet from Elon Musk.

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First things first, buying Baby Doge Coin isn't a decision you should rush. This is a new, extremely volatile cryptocurrency, and there's a high probability of losing money on it.

If you're interested in Baby Doge Coin because you saw something on Reddit, YouTube, or anywhere else about how it's going to be huge, take time to review its website and whitepaper first. Do your research instead of taking someone else's word that it's going to make you a millionaire.

Baby Doge Coin has had success so far because of the hype behind it. That's not a sustainable long-term strategy, which is one reason why many enthusiasts don't look at it as a good cryptocurrency investment.

The major cryptocurrency apps and exchanges don't list Baby Doge Coin. With so many cryptocurrencies out there, those exchanges are selective about which ones they offer. As a new, relatively small token, Baby Doge Coin hasn't made the cut.

PancakeSwap is the most popular place to buy Baby Doge Coin right now. This is a decentralized exchange where users contribute the crypto that's used for trading.

The trade process on PancakeSwap may be different than what you're used to, but it's not too complicated. On the PancakeSwap site, you need to connect a crypto wallet, and then go to the exchange page to make your trade.

PancakeSwap isn't the type of exchange where you deposit cash and use it to buy crypto. It only lets you trade one cryptocurrency for another.

After you connect your crypto wallet to PancakeSwap and go to its exchange page, you can select which crypto you want to trade for Baby Doge Coin. Binance Coin (BNB) is a popular choice.

If you don't have any crypto you want to trade, then you need to buy some on another exchange and transfer it to a crypto wallet first. Here's a step-by-step guide to explain how this works:

There's one more important concept to know about when trading for crypto on PancakeSwap, and that's slippage.

Slippage is a price change between when you submit a trade and when it's executed. On PancakeSwap, you can set your slippage tolerance, or the price change you're willing to accept to get your trade to go through. Here's how to adjust this setting:

With highly volatile cryptocurrencies like Baby Doge Coin, the trade might not work with a low slippage tolerance. The Baby Doge Coin team recommends setting slippage tolerance to 12%.

That means if you're trading for 1 million Baby Doge Coin tokens, you'd potentially end up with anywhere from 880,000 to 1.12 million tokens.

Be cautious about the amount of money you put into Baby Doge Coin. There have been many cryptocurrencies like it that start strong, and then end up forgotten. They leave behind a lot of disappointed holders who buy near the peak, only to see their investments plummet in value.

Look at Baby Doge Coin like playing the lottery. If you really want to give it a shot, put a small amount of money in it with no expectation of making anything.

For building wealth, stick to retirement accounts and the stock market. And if you want to make crypto a part of your portfolio as a high-risk, high-reward investment, decide which crypto to buy based on what they can do and not their popularity.

To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and get started on your crypto journey, today.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

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Is Elon Musk Fast Losing His Dogecoin Influence?

ZyCrypto 05 July, 2021 - 07:12pm

Surely, everyone remembers that special Elon Musk’s Saturday Night Live appearance in May!

Especially the buzz that followed around dogecoin maniacs spurring a buying spree and launching dogecoin’s value to lunar orbit levels.

Yes! We do. And that’s because it was so clearly inevitable, Doge was sprinting for the $1 mark on the hill of an energetic cult-like hype.

Before May 8th, the Tesla Technoking and grand leader of the Dogecoin dynasty found the magic wand for the meme coin and wielded it in ways that saw Doge become obese with a 70% value increase in a single 24-hour run. The crypto space went wild and for many investors who joined the hype-wagon, Musk’s tweet was all the candles and sticks and Fibonacci series rolled in one, that they needed to short or long.

Last week saw a maturity of the market over Musk like never before. On the hill of a meme coin in comatose, The SpaceX enthusiast took to Twitter once again, to cast the magic spell of fewer than 140 characters and jolt the market like a blockchain defibrillator, but as it turned out, the potency of his grip over Doge had waned so much, Musk’s tweet turned counterproductive in the first few hours, further spiraling the embattled meme coin to an extra 1.2% losses before raking in a paltry 3% before the close of the day. Elon tweeted:

Once upon a time, Elon was a Lithium-Ion enthusiast who loved Bitcoin and the prospect it represents. After breaking through the world’s top 5 billionaire ranks, Elon spent his spare time preaching renewable energy, giving lunar sermons, and promoting Bitcoin. 

Elon’s influence in the Bitcoin space grew astronomical until he gradually honed his canine affection to perfection and ditched BTC for Doge. It’s easy to see why: Bitcoin was an already established digital asset with far too many people of influence on board. Elon wanted something he could build from the scratch and exert incredible control over, just like Tesla, and Doge was the candidate. Besides, your job and the idea behind it should bring you smiles, and that Dogecoin did, even though it was all jokes.

Many crypto analysts believe Elon should have quietly tapered off his interest in BTC, having found a new pet project in Doge, then trying negatively to impact Bitcoin’s value disruption to show his level of influence in the space.

There have been several call-outs against Mr. Musk, and even the Bitcoin association formed to advance Bitcoin, shut the door on Musk who is a founding member.

As the struggle to find relevance for Dogecoin continues, Musk may have a bigger task of convincing all the people brought on board to stay, and as it has shown, it now goes beyond occasional silly and sarcastic tweets.

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