The meme coin markets are currently facing challenges as trading volumes decreased significantly over the past one month. Metrics from CoinMarketCap indicate that the broader meme coin trading dropped to below $14 billion from a high of $30 billion. Even prominent assets like DOGE, SHIB, PEPE, and others also experience declines in trends.
However, Baby Doge Coin, another uprising memecoin, encounters a different scenario. The latest data shows that BabyDoge Bridge has reached a milestone of $1,000,000 in total transaction volume, with more than 15,000 customers proactively using the platform.
BabyDoge Bridge gaining traction
The impressive growth shows that the BabyDoge Bridge is garnering an increasing number of users using it to bridge tokens to the Solana network. The bridge opens new gateways for transaction and trading activities and attracts more investors and users. The development could positively drive the value of the Baby Doge coin in the future.
In late November, Baby Doge expanded its chain to the Solana blockchain to enable better cost-efficiency and transaction speed. The development now allows users to buy and sell the meme coin on the Solana network, which was in the past only limited to its original Binance Smart Chain (BSC).
The rollout of the Bridge enables token holders to move assets between the Solana and BSC networks smoothly, allowing them to enjoy rapid transactions and low fees.
The bridge features a dedicated liquidity pool and a user-friendly interface that facilitates seamless user interaction with assets between the two blockchain networks. The bridge charges a 1% transaction fee on bridging assets. Baby Doge said the fee collected is designed for the manual burning of the coins, improving the token’s deflationary model and benefiting users.
What next for the BABYDOGE price?
Baby Doge coin (BABYDOGE) and the wider meme coin markets are currently on a slowdown. BABYDOGE is down 30% in the last seven days, underperforming the global digital asset market which is 1.70% down currently. However, with the ongoing advancements in its ecosystem including its bridging functionality, the meme coin is primed for a bullish resurgence.
BABYDOGE is currently holding a falling wedge breakout, reflecting a potential trend reversal. The token price is up 62.9% in the last 30 days, highlighting its resilience and sustained confidence among traders and investors.
Early this month, Baby Doge experienced increased demand in the futures market. Even whales’ activity played a crucial role in the token’s rise. On top of that, the number of Baby Doge holders increased significantly since November 15. The coin reached its current AHT of $0.086498 on December 9, nine days ago.
Despite BABYDOGE currently experiencing a short-term decline, its wider market adoption is surging. A few days ago, the KCEX exchange listed Baby Doge for spot trading. The exchange expanded trading opportunities for traders and investors on top of perpetual BABYDOGE coin contracts it rolled out in June. The listing gives Korean users greater trading options, creating new growth opportunities.
