Why the Memecoin BabyCake is 50% Off its All-Time Highs

Take a closer at why the substantial drop-off for BabyCake isn’t a huge shock.

Market Moves

Depending on the time frame you consider the $BABYCAKE price fluctuation, there is a case to be had in stating that the token rallied 2000% before a decline that still puts it at near 1000% up. Tokens cannot skyrocket forever and reality eventually set in. 

According to Dex.Guru, the token moved from $0.00001 on July 18th to $0.00084 in just five days. This earth-shattering rise was always likely to be followed by a sobering sell-off. Couple that with the fact that $BABYCAKE was moving against BTC and ETH, rotation made market sense and very likely took place.

A swift move down followed after the all-time high on the 23rd of July, and then again a gradual rise to where it continues to consolidate at a price of $0.00047 at the time of writing, according to Dex.Guru. Thankfully, a cataclysmic drop-off prompted by an exploit or poor security does not appear to have taken place. 

The drop-off could be due to the recent upsurge in play-to-earn non-fungible tokens (NFTs) instead of meme coins. Could users have found an alternative to throwing money at random coins? The ability to control and earn is an attractive alternative. 

Rewards Attracting Buyers

Holding 200,000 BabyCake will make you eligible for $CAKE rewards, which at the time of writing sits at $18.13, according to CoinGecko. This is not an insubstantial amount, especially when we account for the fact that $10 Million in rewards has been dished out to users over the past twenty days, according to BabyCake’s official Twitter account.

While the reward system and indeed value of rewards will be exciting for many, others hold strong to the idea that the erratic movement of the $BABYCAKE token will prompt instability and that the move following this consolidation is likely to go some way in determining market confidence. 

What is BabyCake?

BabyCake is just out of the oven and users should be sure to vet the project before diving in deep. Project BabyCake aims to distribute CAKE rewards to its users on an hourly basis.

Although the team has clarified on their webpage that, “Pay-outs to holders may not occur every hour if trading volume is low.” 

The payout occurs automatically so that users are not required to claim their CAKE tokens. In order to qualify for a payout of CAKE, users must hold at least 200,000 BABYCAKE tokens. At the time of press, that number of BABYCAKE is equivalent to roughly $64.

The BabyCake concept of taxing transactions and paying back part of the fees to token holders was originally pioneered by SafeMoon and has since been adopted by a number of other projects including MoonLift. 

Where to find BabyCake: Website | Telegram | Twitter | Medium |

Source : bsc.news