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.
Burn Proposal passed! 🔥🚀
Burn incoming on December 1st
— BabyDogeSwap.com LIVE (@BabyDogeCoin) November 24, 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.