The team behind Baby Doge Coin (BabyDoge) has finally revealed the launch date for its much-anticipated Burn Portal.
In a tweet yesterday, BabyDoge said the burn portal would go live on February 13, 2023. However, it did not disclose the exact time the protocol would roll out.
BabyDoge Announces $500 Giveaway
To celebrate the initiative, BabyDoge said it would give away $500 to one lucky user on the burn portal launch. The contest requires members of the BabyDoge community to retweet the announcement and comment #BurnBabyBurn in the comment section. In addition, BabyDoge suggests that people can include a screenshot from Baby Doge Swap, the cryptocurrency’s decentralized exchange, to enable them to stand a better chance in the contest.
Since the team made the announcement, over 4,400 tweets have been made by users who hope to win the giveaway.
Trending #BurnBabyBurn 🐶 https://t.co/SI9ctvBF3J pic.twitter.com/ylfL4NzjuF
— BabyDogeSwap.com LIVE (@BabyDogeCoin) February 3, 2023
Meanwhile, the development sparked widespread jubilation within the BabyDoge community. The burn portal will contribute significantly to the ongoing burn campaign for BabyDoge tokens.
BabyDoge is known as one of the few cryptocurrency projects dedicated to reducing its total supply via a burn campaign. Last year, BabyDoge said it would use a part of fees obtained from its decentralized exchange to buy and burn the tokens. So far, out of a total supply of 420 quadrillion tokens, BabyDoge has burned a hefty 202.2 quadrillion tokens via various burn efforts.
TheCryptoBasic reported earlier this month that the BabyDoge team burned a whopping 682 trillion tokens worth more than $1M in one transaction. Last month, the team burned a whopping 33T tokens in one day, sparking speculation that more tokens will be incinerated daily once the burn portal goes live.
The upcoming launch of the burn portal has kept the community busy on Twitter. BabyDoge enthusiasts have been commenting on the initiative, especially the role it would play in reducing the circulating supply of the token.
Recall that BabyDoge first revealed plans to launch a burn portal in November. The team suggested that it could reward users with NFTs for burning tokens through the protocol. However, following the completion of the burn portal, the team said people who use the burn portal would be allowed to purchase BabyDoge tokens at a lower fee.