The latest burn has reduced the supply by 42.5%, but there’s still a considerable amount left.
To the Fire
Popular memecoin, Baby Doge Coin, has burned 4.8 Quadrillion tokens. According to the Binance Smart Chain block explorer Bscscan, the burn took place at 22.08 UTC on February 1 and was worth a hefty $18.7 million at the time.
Baby Doge Coin conducts regular burns on the first day of each new month. Burning of tokens is a common practice of memecoins and has a dual target: reduce total supply and boost market value. Baby Doge announced its latest burn via Twitter,
“4.8 quadrillion #BabyDoge burned! What the meme! Proof of burn[…]” the meme protocol tweeted on February 1.
Baby Doge Coin began its memecoin life with a massive total supply of 420 Quadrillion tokens. A combination of monthly burns and daily burns from Baby Doge Coin’s inbuilt deflationary mechanism has burned 180 Quadrillion tokens, about 42.5% of the initial total.
The latest burn of 4.8 Quadrillion – about 1% of the initial supply, leaves 240 Quadrillion in circulation, according to WhaleWatcher, which is nonetheless a colossal supply. A section of the Baby Doge community continues to clamour for more significant burns to reduce the token’s supply to a level they believe will make it more valuable.
What is Baby Doge Coin?
Baby Doge is a meme coin that started as a play on Dogecoin. It was initially built on Binance Smart Chain but has expanded to Ethereum blockchain.
Baby Doge Coin was designed as a hyper-deflationary asset that has better transaction speed and automatically rewards its holders with a 5% redistribution for each transaction. Its community has grown since its inception, and it makes regular donations to animal-based charities.
To know more about Baby Doge, visit these official links:
Source : bsc.news
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