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HomeCrypto NewsMarketBaby Doge Coin Team Announces Date to Launch New Monthly BabyDoge Burns

Baby Doge Coin Team Announces Date to Launch New Monthly BabyDoge Burns

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BabyDoge new monthly burns will commence on December 1, 2022 

In a tweet today, the team behind Baby Doge Coin announced that the proposal to initiate monthly burns for BabyDoge has successfully passed. Voting on the proposal lasted for a week, as BabyDoge holders voted massively to support the initiative. 

According to data on the voting platform, holders who supported Baby Doge Coin’s monthly burns account for 99.01% of the total votes. Those against the initiative were responsible for 0.99% of the total votes. 

Details of BabyDoge Monthly Burns

With majority of BabyDoge holders supporting the monthly burns, Baby Doge Coin said it would conduct the first burn on December 1, 2022. 

The team will incinerate approximately one quadrillion tokens worth $1 million in the upcoming burn. 

The source of the BabyDoge monthly burns will not come from the tokens in its treasury because the assets are currently being used for farming rewards, the team noted. Based on this, the monthly burns will not be of the same magnitude as previous burns. 

“We can bring back monthly burns however they would not be in the form of treasury tokens as they are used for farming rewards. The burns will NOT be in the same magnitude as before as we need the treasury tokens for farming rewards,” the team said in a statement. 

The number of tokens the team will incinerate monthly will be determined by the 10% fees deducted from BabyDoge’s trading activities and Baby Doge Swap’s trading volume. 

Baby Doge Coin Burns

The team behind Baby Doge Coin is known for conducting hefty burns to reduce the token’s huge supply of 420 quadrillions. Notably, the community believes these burns will boost the value of BabyDoge. 

At press time, a total of 199.4 quadrillion BabyDoge tokens have been incinerated. More tokens are expected to be incinerated soon, as the team looks for ways to accelerate burns. As reported, Baby Doge Coin hinted that it intends to launch a burn portal where holders can burn their BabyDoge. 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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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