Baby DogeCoin (BABYDOGE) has experienced a significant rally of over 15 percent in the past 24 hours, despite the overall bearish sentiment in the cryptocurrency market. This surge in value can be attributed to the overwhelming support for a new DAO proposal that aims to eliminate fees for transferring, buying, and selling on the BNB Chain. With nearly 99 percent community support for this proposal, BABYDOGE is now in a position to compete with other top-tier meme coins such as Floki (FLOKI) and Solana-based projects.
In the past, buying, selling, or transferring BABYDOGE incurred high transaction fees of up to 10 percent, which deterred many traders from engaging with the meme coin. By reducing fees to zero, BABYDOGE becomes more accessible to a wider user base and may see increased usage and transactions. This move positions BABYDOGE as a more attractive option compared to other meme coins with higher transaction costs, potentially attracting new users and use cases.
However, there are some downsides to this fee reduction. With the elimination of transaction fees, BABYDOGE will no longer conduct its monthly burns. Additionally, the team has announced plans to utilize unlocked tokens worth 0 million to cover expenses such as increasing the number of team members.
Despite these challenges, the price of $BABYDOGE has shown positive signs, breaking out of a macro-falling logarithmic trend and retesting the upper border of a triangular pattern. The meme coin price has rebounded in the last few weeks following a crypto correction, with the weekly Relative Strength Index (RSI) showing a bullish signal for the first time in a while.
Overall, the future looks promising for Baby DogeCoin as it navigates through these changes and developments in the cryptocurrency market.
