Updated: 02/03/2022
Baby DogeCoin (BabyDoge) Set to Remove another 4 Quadrillion Tokens from Circulation today.
Since the start of the New Year 2022, Baby DogeCoin (BabyDoge) has been burning quadrillion of tokens every month.
The BabyDoge has burned another four quadrillion tokens from its current circulating supply.
4 quadrillion BURNED ??
Proof of Burn: https://t.co/jTdrXRpQMN pic.twitter.com/8sQgQGdxU6
— BabyDoge (@BabyDogeCoin) March 2, 2022
BabyDoge has sent 9.8 quadrillion tokens worth $31.5 million to the dead wallet in the past two months.
About five quadrillion tokens worth $11.5 million were taken out of circulation in January, whereas the team burnt 4.8 quadrillions worth $20 million tokens in February.
Babydoge is leading all meme coins in terms of holders. Babydoge has 1,416,499 (1.4M) unique wallet addresses while Shiba Inu stands at 1,179,514 (1.1M), Whereas, Dogecoin has only 563,482 (563K) holders right now.
On the other hand, BabyDoge is the third canine-themed meme token following Dogecoin (DOGE) and Shiba Inu (SHIB), which has joined 1 Million Club on Twitter the official Twitter handle of BabyDoge has now over 1 million followers. This shows the popularity of the token, and the reason behind this popularity is none other than its “Burning Mechanism or Strategy.”
Readers should note that the burning of coins is common practice in the crypto space and does attract investors. The burns do remove tokens from the overall supply, but this doesn’t mean that the price of the asset will rise. The asset price only rises whenever the demand exceeds the circulating supply of the token. Otherwise, simple burning with low demand doesn’t have much effect on the asset prices.