The burn portal would expedite BABYDOGE burns by incentivizing users to incinerate tokens.
The BabyDoge community continues to sustain the project’s burn campaign, as over 33 trillion tokens were recently incinerated in 24 hours, bringing the project a step closer to achieving its goal of drastically reducing the token’s total supply as a way to provide support for its intrinsic value. The burns have seen an uptick notwithstanding the fact that the dedicated burn portal is yet to be launched.
The development was highlighted by Burn BabyDoge, a community-driven Twitter analytics tool dedicated to tracking BABYDOGE stats, including burns. The official BabyDoge Twitter handle further called attention to the development, pointing out that burns remain sustained even when the burn portal is not yet launched.
🔥🔥🔥🔥🔥🐶 #BabyDogeArmy burning before burn portal even out ! https://t.co/pfxVHVb9nZ
— BabyDogeSwap.com LIVE (@BabyDogeCoin) January 30, 2023
Moreover, data from CryptEye – a cryptocurrency analytics platform – reveals that 699.5 trillion tokens have been incinerated in the past month, with 100.3 trillion burned in the past week. Total cumulative burns now sit at a whopping 201.3 quadrillion tokens, representing 47.94% of the asset’s total supply of 420 quadrillions.
Despite the uptick in burn transactions, the community believes it is necessary to accelerate the burn rate to ensure that the supply is significantly reduced. To this end, the project’s development team proposed the idea of a dedicated BABYDOGE burn portal through which community members can burn their tokens and receive incentives for doing so.
The team revealed plans to develop the portal three weeks back, noting that users will be incentivized with an opportunity to purchase BABYDOGE at a discounted rate when they burn their tokens on the portal. Last week, the development team disclosed that they had finalized the development of the burn portal and would be launching it soon.
Latest BabyDoge Developments
Meanwhile, the BabyDoge project continues to attract investors’ interest amid notable developments aimed at bolstering adoption. Last month, BABYDOGE partnered with prominent decentralized aggregator 1inch in an effort to have its smart router integrated by 1inch as a new liquidity source.
Additionally, BabyDogeSwap – the project’s dedicated decentralized exchange – reached a new all-time high in liquidity on Sunday, with a massive $39.5M in total value locked. The DEX is currently among the top 20 DeFi applications on the BNB Chain. Amid these developments, BABYDOGE is currently changing hands at $0.000000001461 as of press time, down 4.18% in the past 24 hours.