Baby Doge Coin burned over two quadrillion BabyDoge on the BSC network in the past 24 hours.
The team behind Baby Doge has burned 1,900,000,084,918,561 (1.90 quadrillion) BabyDoge, worth $2,357,145 ($2.35 million) in farm rewards and an additional 113,000,000,000,000 (113 trillion) tokens, worth $140,188 ($140.18K) through transactions on the BSC network in the past 24 hours. That’s over 2,000,000,000,000,000 (2 quadrillion) tokens.
The development was officially made public via tweet.
Burn complete 🔥
1.9 quadrillion farm rewards burned according to our snapshot vote
113 trillion #babydoge burned through transactions
That is over 2 quadrillion #BabyDoge burned 🔥
— Baby Doge (@BabyDogeCoin) August 1, 2023
The move comes in response to a snapshot proposal initiated by the Baby Doge Coin team on July 13th, which proposed the burn of farm reward tokens. The proposal garnered massive support, with 96% of votes in favor.
A new proposal is LIVE Should we burn the farm reward tokens approximately 1-2 quadrillion on the BNB network?
This ensures Baby Doge remains deflationary.
Vote now on Snapshot:https://t.co/pqZgKM6HgQ
— Baby Doge (@BabyDogeCoin) July 12, 2023
Upon the proposal results, the team discontinued sixty-one (61) farms on the BabyDogeSwap decentralized exchange (DEX) on July 21. This move facilitated the systematic removal of approximately 1.9 quadrillion farm reward tokens, all set to be incinerated on August 1.
Rewards have been removed !
Approximately 1.9 quadrillion tokens will be added to burn on August 1st 🔥
Farms will end soon!
All ended farms will be available under the “finished” tab https://t.co/IiAGYvvUTL
— Baby Doge (@BabyDogeCoin) July 21, 2023
Baby Doge Coin is a deflationary token. This means that it has built-in mechanisms to reduce its supply over time. BabyDogeSwap DEX implies a 10% fee on each transaction, with 5% being distributed to holders as reflections, rewarding them for their support and holding. The other 5% is allocated to the Pancakeswap liquidity pool. The LP tokens generated through these fees serve multiple purposes, including burns and fueling the project’s growth.
BabyDoge boasts a limited supply of 420 quadrillion tokens. According to BabyDogeSwap’s official website, a whopping 208.5 quadrillion have been removed from circulation forever. Consequently, the current circulating supply now stands at 156.1 quadrillion BabyDoge tokens.