Wednesday, November 30, 2022
HomeCrypto NewsMarket3.6T BabyDoge Burned As Total Burns Reach 50% Of Supply

3.6T BabyDoge Burned As Total Burns Reach 50% Of Supply

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More BabyDoge tokens have been destroyed in the past few hours.

In a tweet shared today, Baby Doge Coin announced that multiple trillions of BabyDoge were burned in an hour. According to a tweet shared by Burn BabyDoge, the official Twitter account that tracks the token’s burns, a total of 3,671,975,040,944 (3.67 trillion) units of the cryptocurrency were sent to a dead address within an hour. At the time of the burn, the tokens were valued at $4,880.

The transaction is the highest burn that has taken place for the meme-based cryptocurrency in the past day. Other hourly burns reported today involved meager sums ranging from $250 to $500.

Over the past 24 hours, a whopping 11,555,155,907,465 (11.55 trillion) BabyDoge was sent to a dead wallet. Almost 47% of tokens have been burned from the total supply.

Baby Doge Coin Committed to Reducing Its Total Supply

The team behind BabyDoge is focused on reducing the token’s total supply via its ongoing burn efforts. It is noteworthy that Baby Doge Coin launched last year with a total supply of 420 quadrillion tokens.

As a result of the hefty total supply, many investors have stayed away from BabyDoge, thus affecting the token’s price negatively. In a bid to boost the value of BabyDoge, the team embarked on a massive burn initiative.

Baby Doge Coin Burn Efforts

In July, Baby Doge Coin incinerated 50 quadrillion tokens after the community voted “Yes” in a proposal supporting the move. The team has also been performing monthly burns to drastically reduce the token’s total supply.

Furthermore, the team announced that it will use a portion of Baby Doge Swap’s trading fees to buy and burn the cryptocurrency. These efforts have contributed immensely to the reduction of BabyDoge’s total supply.

According to data from Baby Doge Swap, 199.2 quadrillions have been burned by the team. Interestingly, the team does not seem satisfied with the burn rate. Yesterday, Baby Doge Coin hinted that it would be launching a burn portal for the cryptocurrency. It called on the community to suggest ways to motivate people to burn BabyDoge via the portal.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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