BabyDoge says it has burned nearly $353M worth of tokens.
Baby Doge Coin (BabyDoge) is known for relentlessly carrying out burns to reduce its hefty supply of 420 quadrillion tokens. In a tweet yesterday, the team behind the leading canine-themed cryptocurrency revealed that it had burned nearly $353 million worth of BabyDoge tokens so far.
According to data attached to the tweet, the team has incinerated a total of 202,150,400,072,740,192 (202.15Q) tokens since the burn campaign started. When the tweet was published, the burned tokens were worth $352,810,074 ($352.8M).
Over $352 million worth of #BabyDoge has been burned so far 🔥 pic.twitter.com/dcaNjFM1gx
— BabyDogeSwap.com LIVE (@BabyDogeCoin) February 3, 2023
Meanwhile, the announcement comes hours before BabyDoge announced the launch date for its dedicated burn portal. BabyDoge team said the much-anticipated burn portal would go live on February 13. The upcoming burn portal will further increase the number of tokens that will be incinerated from the supply.
To lure community members into using the portal, the team announced that users who burn tokens via the solution would be allowed to buy BabyDoge tokens at a lower fee.
BabyDoge Burn Efforts
It bears mentioning that burning a part of a token’s supply is part of efforts by crypto projects to boost the price of the asset. Projects such as Shiba Inu, Terra Classic, Volt Inu, etc., have adopted the burn strategy to reduce their supply and increase the token’s price.
Interestingly, BabyDoge leads other cryptocurrency projects in terms of token burns or sending them to a burn wallet. As reported in October, cryptocurrency analytics platform HC Capital ranked BabyDoge as the number one crypto project with the highest burn rate.
The milestone did not come as a surprise to many who have followed updates about the BabyDoge ecosystem. It is noteworthy that BabyDoge carried out monthly burns for most of last year. This month, the team burned a whopping $1M worth of BabyDoge tokens in a single transaction.