After executing another major burn, the token saw its price shed multiple zeroes and gain over 50,000 new followers in just a week.
Buff Doge Coin Levels Up
The Binance Smart Chain (BSC) meme-based token Buff Doge Coin has been making significant progress since its launch in August of 2021. They have officially reached the 100,000 holders milestone following a major burn on October 25th, with 50,000 of those holders coming in just a week-long span.
With the influx in holders has come a dramatic increase in the price of the token. On October 25th, the token was priced at $0.000000006178 according to CoinGecko. Following the burn and the stream of new holders, the price reached as high as $0.000000159654, currently settling in at $0.000000066282 as of November 4th. CoinGecko data shows their growth over the last 7 days to be 262.6%, along with an impressive 1,938% gain in just the last month.
As the number of holders grows, their Telegram group has also begun expanding into a strong foundation for their community. Fans of the token believe in its ability to follow a similar trend to $SHIB and its inspiration $DOGE.
Why the Price Could Keep Rising
There is significant potential for this growth to continue. The way that Buff Doge Coin executes burns leads to pressure on the price of the token to rise, as seen on BSCScan. By doubling their amount burned, along with community burns, the token is pressured to gain value as the supply is greatly reduced.
This graphic from the Buff Doge Coin whitepaper details how the burns will be executed. The team has already made 8 burns, with an indefinite burn period until all remaining supply is burned. As more users continue to hold the token the price will have further pressure to rise.
Another reason the price could continue to rise is Centralized Exchange (CEX) listings. Currently Buff Doge Coin is not listed on any CEXes, which bring enormous exposure to tokens. The team has announced they will be listing on a well-renowned CEX before the end of the year, with more details to be announced closer to the listing. Stay tuned to their social media platforms to catch the future details when they are released.
What is Buff Doge Coin?
Buff Doge Coin is the gym-loving version of Dogecoin. The meme-centric token has a compounding burn mechanism where each burn will double the amount of the last burn, keeping inflation at appropriate levels. These burns will continue until 100% of the remaining supply is burned.
Users are incentivized to use the token by the Fitness Ecosystem; 5% of every transaction is distributed to all holders, and another 5% is used for liquidity on PancakeSwap.
One of the major focuses of the project is protecting the environment and animals. Buff Doge Coin has a charity wallet which will be used to make donations to animal shelters and other organizations working to improve the Earth.
To learn more about Buff Doge Coin, visit the following links:
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Source : bsc.news
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