The burned assets are worth an estimated $2.6 million.
The BabyDoge team just burned up to 1 quadrillion tokens worth $2.6 million as part of its monthly campaign to support the burn initiative. The team also bought back and burned 4.9 trillion BabyDoge valued at $13,000 with fees from the BabyDogeSwap dex.
1 Quadrillion #Babydoge tokens worth estimated $2.6 million according to BSC scan has just been burned !
Additionally $13,000 worth of #BabyDoge was bought and sent directly to the burn address !
Proof: https://t.co/57ozlrV0z3 pic.twitter.com/iWjmALRlfz
— BabyDogeSwap.com LIVE (@BabyDogeCoin) March 1, 2023
Data from BSC Scan reveals that the 1 quadrillion token burn occurred yesterday at 21:41 (UTC). However, the buyback and burn exercise occurred much earlier, executed at 13:01 (UTC) on the same day.
Following the latest burn transactions, the total BabyDoge burned now sits at 204.06 quadrillion tokens, with 35.2 trillion tokens burned through the dedicated Burn Portal that went live on Feb. 13.
Note that the BabyDoge team has a practice of incinerating a massive amount of BabyDoge every month to expedite the project’s burn initiative, which aims to reduce its extensive supply drastically. The team also buys back and burns BabyDoge tokens with a portion of fees collected from the BabyDogeSwap decentralized exchange.
In November of last year, the team put forth a proposal to reintroduce the monthly burns after a period of hiatus. Within a week, 99% of community members voted to reinstate the burns. Consequently, the monthly burns recommenced in December 2022, with 1 quadrillion tokens burned for the month. The practice has continued to date.
On Feb. 2, the team incinerated 682 trillion tokens. The burned tokens were worth $1.09 million then, with additional 2.6 trillion tokens repurchased and burned with BabyDogeSwap fees.
As of Feb. 27, BabyDoge was the most-held meme token on the BNB Chain. Moreover, crypto exchange LBank noted that the asset was the most searched crypto on its platform.