The team behind Baby Doge Coin announced in their post today that the monthly burning offer for BabyDoge has been successfully passed. Voting on the proposal took a week as BabyDoge owners voted massively to support the initiative.
According to the data on the voting platform, 99.01% of the voters voted in support of the monthly burns of Baby Doge Coin. Those opposed to the initiative received 0.99% of the total votes.
Details of Monthly Burn
While the majority of BabyDoge owners support monthly incineration, Baby Doge Coin is said to be first burned on December 1, 2022.
In the upcoming burn, the team will burn approximately one quadrillion meme coins worth $1 million.
Burn Proposal passed! 🔥🚀
Burn incoming on December 1st
From Swap buy back & burn
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Defi token volume burn 🔥 https://t.co/1eHdzufL0u pic.twitter.com/lOy4nEGmWH— BabyDogeSwap.com LIVE (@BabyDogeCoin) November 24, 2022
Additionally, BabyDoge stated that the source of the monthly burns will not come from the tokens in its treasury because the assets are currently being used for farming rewards. Based on this, monthly burns will not be of the same magnitude as previous burns.
“The burns will NOT be as big as they used to be as we need treasure tokens for farming rewards”
The number of tokens the team will burn per month will be determined by fees of 10% deducted from BabyDoge’s trading activities and Baby Doge Swap’s trading volume.
Meme Coin Burns
The team behind Baby Doge Coin is doing heavy burns to reduce the token’s massive supply of 420 quadrillion. The community believes these burns will increase the value of BabyDoge.
At press time, a total of 199.4 quadrillion BabyDoge tokens have been burned. More meme coins are expected to be burned soon as the team looks for ways to speed up the burning process.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.