The Baby DogeCoin (BABYDOGE) team came up with a proposal to burn 100 quadrillion BABYDOGEs that were not used on the Ethereum network. This proposal is aimed at making the network more secure and reducing transaction fees.
BABYDOGE has attracted attention as a meme coin that has gained popularity recently. BABYDOGE, which attracts great attention especially among young investors, is making various developments to combat high transaction fees.
With the burning proposal submitted by the BABYDOGE team, it is aimed to increase the security of the project and reduce the risks of malicious people benefiting from the tokens. Besides, the proposal aims to reduce fees to 0% for BABYDOGE transactions on Ethereum.
The team has a questionnaire shared. While the survey accepts the proposal, a definitive proposal must be submitted to ensure that all formalities are observed.
100 Quadrillion burn and 0% fee on ETH proposal is now live to be voted on by the DAO
Vote here: https://t.co/bTWRzcaLmf
Orhttps://t.co/ZEAKhKyJFgNEWS CONTINUES BELOWTo spread awareness of the proposal we will give $500 USDT to 1 winner who:
1. Retweets this tweet
2. Follows @BabyDogeCoin pic.twitter.com/ZzDfuMlG43— Baby Doge (@BabyDogeCoin) May 9, 2023
It is worth noting that although meme coins to be burned represent a portion of the asset’s total supply, they are not actually in circulation. This indicates that the burn will have little or no impact on BABYDOGE price movements. The primary purpose of burning is security enhancement.
The team plans to leave some (85 quadrillion) BABYDOGE tokens on the Ethereum network to allow investors to continue to bridge their holdings between the Ethereum network and the Binance Smart Chain. Once the offer is approved, BABYDOGE fees on Ethereum will be set to 0% within 24 hours. However, the big burn will happen much later, on June 1.
If the bid is accepted, this will be the largest burning event in history. Alongside the proposed incineration, the BABYDOGE team continues periodic incineration to reduce the circulating supply of the asset. One quadrillion meme coins were removed from circulation in March.
You can check the price movements here.
Source : the crypto basic