Baby DogeCoin (BabyDoge), a meme token launched in June 2021, unfolded a Special Gift for its community celebrating New Year 2022.
On January 2, Baby Doge Coin confirmed the transaction of 5 Quadrillion Baby Doge Coins estimated at $11.50M to the burn wallet. The team also shared a link as a “Proof of burn.”
What a meme!? 5 QUADRILLION #BabyDoge estimated AT $11.5 million sent to the burn wallet ?
Happy New Years! #BabyDogeFamily
Proof of burn: https://t.co/EbIA2PZIeJ pic.twitter.com/p4le5zhg6t
— BabyDoge (@BabyDogeCoin) January 2, 2022
The announcement is made in response to the community’s feedback. The community believes the growth in the number of followers or holders is not enough for the price increase if the supply remains too high. Either team behind the token has to focus on increased utility cases for the coin, or either burning of the Babydoge should be done by sending the tokens to the burn wallet.
According to BSCScan data, the total number of Baby Doge Coins in the burn wallet was 5,000,000,000,000,000, estimated at $$14,500,000, indicating that 41.3697% of the total supply has been burnt till now. Despite this massive token burn in place, 268.0 Quadrillion Baby Doge Coins are still in circulation, which is enormous.
Till now, the token successfully attracted investment from retail investors because of its psychologically low price with a lot of zeros after the decimal. As a result, BabyDoge reaches an astonishing 1,000,000+ holders, with current holders count standing at 1,119,507. Recently Baby DogeCoin surpassed SHIB in terms of holders. Babydoge now has 1,119,507 holders, while Shiba Inu’s total holder count stands 1,116,713.
But at the moment, BabyDoge may face difficulties grabbing the interest of institutional investors or so-called “Whales” with this massive supply in place.
At the time of writing, the price of BabyDoge surged 6.02% at $0.000000002802. However, the volume decreased -58.92% to $21,785,279.69 from the previous trading session, indicating the lack of buyers’ interest at high prices.
Besides this burning news, the team reported limiting their verified telegram channel to 200K members. The team further noted that the only way to exceed 200K is to turn it into an announcement channel.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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