Introduction
Elon Musk has once again shaken the crypto market. This time, his post sent Baby Doge (BABYDOGE) soaring. Baby Doge jumped to a 10-month high, making it one of the top gainers in the past 24 hours. The surge highlights how Musk’s posts often trigger strong market reactions.
Baby Doge Jumps 82% in 24 Hours
On December 7th, Baby Doge surged by 82%, catching the attention of investors. This big jump follows weeks of slow momentum. In November, Baby Doge attempted a rally but fell short, giving up earlier gains. However, this time, the rise of the meme coin is tied to Musk’s influence. The sharp price move suggests the market still reacts strongly to his posts.
Whales Control Baby Doge Supply
Data from IntoTheBlock shows that whales hold 98.99% of Baby Doge’s total circulating supply. This means a few large holders control most of the market. The price surge may reflect whale accumulation in anticipation of future gains. At the same time, Baby Doge still lacks listings on major platforms like Binance or Coinbase. A listing could bring more demand from retail buyers.
Growing Retail Interest For Baby Doge
Despite its slow start this year, Baby Doge has gained traction. At the beginning of 2024, it had fewer than 16,000 active addresses. That number has grown to 33,680, showing rising interest from small investors. Even so, more growth depends on strong retail demand. With it, Baby Doge may be able to hold its gains.
Spot Trading and Derivatives Surge
Coinglass data shows Baby Doge had -$2.51 million in spot net outflows in the last 24 hours. Yet, the derivatives market tells a different story. Open Interest rose to $2.41 million, showing strong demand in that sector. The surge also caused short liquidations to hit $51,010. This suggests whales and large investors drove much of the recent rally.
Can Baby Doge Keep Rising?
The current rally shows Baby Doge still has market potential. Whales are accumulating, and retail interest is rising. If Baby Doge secures listings on major exchanges, demand could soar. However, the rally’s link to Musk’s post raises concerns. Without real market support, the gains could fade quickly.
Conclusion
Elon Musk’s influence sparked a strong rally for Baby Doge, pushing it to a 10-month high. Whale control and rising retail interest add growth potential. Still, the memecoin needs steady demand and major exchange listings to keep its momentum. Investors should watch for future updates.
