HC Capital, a cryptocurrency data analysis platform, Baby DogeCoin(BabyDoge) as the number one cryptocurrency project with the highest burn rate choosed.
The crypto data provider announced this in a tweet shared yesterday. According to the ranking, BabyDoge is followed by other cryptocurrency projects such as Volt Inu, Pig Finance (Pig Token), and Cronos (CRO).
Celebrating the success, Baby Doge Coin rated the project as the “King of Burning”.
King of burn 👑 https://t.co/IrkLILIOmS
— BabyDogeSwap.com LIVE (@BabyDogeCoin) October 20, 2022
Baby Doge Coin Burning Efforts
It is not surprising to see that Baby Doge Coin is ahead of other cryptocurrency projects in terms of token burn rate. The team behind Baby DogeCoin is making a remarkable effort to burn a large portion of the token’s total supply. BabyDoge claims to have burned a total of 199.1 quadrillion out of a total supply of 420 quadrillion.
Koinfinans.com As we previously reported, BabyDoge is the largest company by burning 50 quadrillion tokens worth $88 million in a single transaction. burning performed. In addition, BabyDoge burned three quadrillion tokens to celebrate its first birthday in June.
Alongside these groundbreaking burning events, the BabyDoge team also burns quadrillions of tokens from their total supply each month. In February, Babydoge burned 4.8 Quadrillion tokens, 3.2 Quadrillion in April and One Quadrillion in June.
Besides, the BabyDoge team is still trying to step up their token burning efforts. It recently announced that it will use some of the fees from its decentralized exchange Baby Doge Swap to buy and burn the token.
However, the major burn efforts are hardly reflected in the price of the cryptocurrency. BabyDoge is currently trading at $0.000000001180, down 81.5% from its all-time high.
Cryptocurrency Burns
Several cryptocurrency projects are trying to burn some of the token supply to increase the value of some assets. The Shiba Inu is seen by many as the cryptocurrency project that started the incineration initiative to reduce supply. Shiba Inu’s burning program has burned billions of SHIBs within months. Interestingly, other cryptocurrency projects followed the Shiba Inu to burn some of the total supply of their tokens to increase their value.
The Terra Classic community is also making significant progress in burning some of the token’s total supply. So far, over 18 billion LUNCs have been burned.
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.