Baby Doge Coin (BABYDOGE) Price Surges 15% after New DAO Proposal to Eliminate Transaction Tax

by

As someone who has been closely following the crypto market, I’m excited about the recent developments surrounding Baby Doge Coin (BABYDOGE). The meme coin’s price surge of over 16 percent in the past 24 hours is a testament to its resilience even amid bearish market conditions. The proposed elimination of transaction taxes through a new DAO is a significant move that could make BABYDOGE more accessible to a wider user base and potentially draw in new adoption.

Baby Doge Coin (BABYDOGE), a fast-growing meme coin based on the BNB Chain and Ethereum network, has made several headlines amid a bearish crypto outlook. The small-cap meme coin, which thrived from a tweet by tech billionaire Elon Musk, rallied as much as 16 percent in the past 24 hours to trade around $0.000000002 on Thursday during the mid-London session.

I’ve observed a significant surge in BABYDOGE‘s value against the US dollar. This price increase can be directly linked to the recent DAO proposal aimed at eliminating transaction taxes within the BABYDOGE ecosystem. The community response to this proposal has been remarkable, with over 99 percent of its members expressing their support.

BABYDOGE meme coin currently imposes a 10% fee on transactions for monthly burns and ecosystem funding. Eliminating this tax could help BABYDOGE keep pace with leading meme coins during the predicted cryptocurrency market upturn.

As an observer, I would suggest paraphrasing it this way: “Reducing fees to zero could expand Baby Doge’s reach to a larger audience. With no fees, users might engage more frequently and conduct more transactions. By offering a fee-free structure, Baby Doge becomes a more appealing choice compared to other meme coins with higher transaction costs, possibly attracting new users and use cases.”

What Next for Baby Doge Coin

If the new DAO proposal is approved, it’s expected that BABYDOGE will no longer undergo monthly burns. At present, the BABYDOGE burn address holds about 51.5% of the total circulating tokens, equivalent to around $426 million in value.

Based on our experiment with decreased fees on the Ethereum network, there has been a noticeable increase in demand for similar fee reductions on the Binance Smart Chain. The proposal also states that there will no longer be monthly token burns.

Simultaneously, the team disclosed their intention to tap into an account holding roughly 14.1% of the BABYDOGE token supply, equivalent to around $117 million in value. According to the DAO proposal, these resources will be allocated towards welcoming new team members and expanding the ecosystem.

Despite this, the BABYDOGE team acknowledged that the proposal marks a new phase for the meme coin, focusing on community involvement. Similarly, every meme coin endeavor strives to maximize decentralization, emulating Dogecoin (DOGE) and Bitcoin (BTC).

Market Picture

I’ve noticed a meme coin with a small-cap status and a fully diluted valuation approximating $881 million. This asset experiences an average daily trading volume of around $17 million. Remarkably, its price, BABYDOGE, has recently surpassed the resistance line of a descending logarithmic trend on the macro chart. Presently, it’s in the process of retesting this significant resistance level.

If the new DAO proposal is approved, the BABYDOGE project would gain a competitive edge against meme coins such as Floki (FLOKI) and Pepe (PEPE).

Read More

2024-04-25 14:55