Baby Doge Coin to Buy and Burn BabyDoge Using A Portion of Its Decentralized Exchange (DEX) Trading Fees.
Baby Doge Coin (BabyDoge) has announced intentions to accelerate its ongoing token burn initiative.
According to the canine-themed cryptocurrency, a part of the trading fees from the project’s official decentralized exchange (DEX), Baby Doge Swap, will be used to buy and burn BabyDoge.
“You want [to] burn? A portion of BabyDogeSwap fees go to buy back and burn of BabyDoge,” the DEX team said in a tweet.
You want burn? 🔥
— BabyDogeSwap.com LIVE (@BabyDogeCoin) October 7, 2022
Recall that the BabyDoge team launched the decentralized exchange this week as part of an effort to bolster the project’s utility. The DEX allows users to perform token swaps based on the Binance Smart Chain (BSC) for all cryptocurrencies.
Like other exchanges, users of Baby Doge Swap are required to pay meager fees to perform different activities on the platform. The BabyDoge team wants to use a part of the fees to buy and incinerate the native cryptocurrency of the project.
It is noteworthy that the Baby Doge Coin team is not new to token burns. The team has been burning huge amounts of the cryptocurrency’s total supply since it launched last year. As reported by TheCryptoBasic, Baby Doge Coin performed the biggest burn ever by destroying 50 quadrillion BabyDoge worth $88 million at the time in a single transaction.