Baby Doge Coin is set for a major token burn, suggesting that the infant meme coin is maturing fast.
Incoming Burn
Baby Doge Coin is set to burn 1 quadrillion tokens – that’s 1,000,000,000,000,000 $BABYDOGE – in a mammoth event occurring this Friday, August 6th. With tokens currently retailing at $0.000000001539, the projected dollar value of the burn currently sits at $1,539,000.
As we reported on July 27th, the team previously initiated a major token burn on July 24th at a dollar value of $425,000. Baby Doge Coin has since enjoyed a period of relative price stability, with no major or sudden price moves. The team behind BABYDOGE will no doubt hope that their latest burn event, which is over 3x bigger, will help to propel the price of the meme token upwards.
Burn Events
According to the Baby Doge Coin site, the project has already burned a significant portion of its initial circulating supply with over 29% sent to a ‘dead’ wallet, where the tokens can never be recovered.
With an initial circulating supply of 420 quadrillion, the estimated supply of Baby Doge Coin would currently sit around 298 quadrillion mark. This means the latest burn event is equivalent to 0.003% of the total supply.
Burn events are a tried and tested deflationary mechanism, reducing the number of tokens in circulation. In simple economic terms, burn events reduce the total supply of tokens which, theoretically, places greater demand and upwards price pressure on the remaining tokens.
There is no guarantee that burn events will result in the price of a token going up, since a multitude of other factors come into play including prevailing market trends.
About Baby Doge Coin
Baby Doge Coin is the self-declared ‘son’ of Doge Coin, and differentiates itself as the hyper-deflationary pooch of the Doge family. The token also incorporates some of the tokenomic stylings of SafeMoon with 5% of each transaction redistributed to token holders.
Source : bsc.news
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