BabyDoge incinerates over 1Q tokens from supply.
The development team behind Baby DogeCoin has announced that it burned a whopping amount of BabyDoge on December 1, consisting of two parts. The first transaction saw the team incinerate one quadrillion tokens worth $1.2 million at the time of the transaction. Similarly, the team used 16 BNB from its DEX’s swap fees to buy back and burn BabyDoge tokens.
According to blockchain data from BscScan, the team swapped the 16 BNB for 4,032,904,250,987 (4.03T) BabyDoge, and the tokens were sent to the official dead wallet.
Burn is here!
1 quadrillion burned from token volume worth estimated $1.2mhttps://t.co/PKG0yWZxpD
16 BNB buy back and burn from BabyDogeSwaphttps://t.co/zNq2KJ3WLU pic.twitter.com/aMqyO2h2a6
— BabyDogeSwap.com LIVE (@BabyDogeCoin) December 2, 2022
Community Supports BabyDoge Monthly Burns
The announcement comes a week after the community massively voted for a proposal to resume monthly burns. Following the community’s approval, the team said it would implement the first burn on December 1. Notably, the recent burn is the first in a series of BabyDoge burns that will take place monthly for the canine-themed cryptocurrency.
According to the Baby Doge team, the monthly burns will not be the same as previous ones because the tokens will not come from BabyDoge’s treasury.
“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 of the same magnitude as before as we need the treasury tokens for farming rewards,” Baby Doge said in a statement.
Baby Doge Coin remains one of the cryptocurrency projects that has incinerated huge amounts of its supply via a series of burn efforts. Out of a total supply of 420 quadrillion tokens, the team has incinerated a whopping 200.5Q BabyDoge, according to data on Baby Doge Swap.
Despite the hefty burns carried out in the past, the team is still not relenting in reducing its supply drastically. TheCryptoBasic reported recently that the team is also considering launching an official burn portal to enable holders to burn their BabyDoge holdings voluntarily.
At the time of writing, the price of BabyDoge was trading at $0.000000001141, down 2% in the past 24 hours.
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