- Yesterday, a popular meme coin community released massive amounts of Baby Doge Coin (BABYDOGE) burned, after these burnings BABYDOGE price increased by about 14% yesterday.
Actively BABYDOGE burning The BabyDoge burning, which is a monitoring platform that performs and can track the amount of tokens burned by the BabyDoge community. follow-up account @babydogeburn_ In a recent tweet, he reported that 2,018,896,967,261 Baby Doge Coins were removed from the total circulating supply in a few hours last day.
The new trend of the community, the meme token, was burned in 3 transfers of 876,668,446,039, 802,206,663,474 and 341,857,169,748 coins for a total of $3,372.
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876,668,446,039 (~$1,455) #BABYDOGE tokens burned from the total supply in the past hour. #BabyDogeCoin #BabyDogeArmy— Burn BabyDoge (@babydogeburn_) June 25, 2022
With regular token burns, the BabyDoge community hopes to reduce the circulating supply to such an extent that the meme token becomes scarce, which is expected to help increase the price of BABYDOGE significantly.
The community, which has recently entered a burning cycle with an increasing frequency, Shiba Inu (SHIB) Following their legendary burns, BabyDoge locks meme coins into non-spendable wallets. To look at the impact of the burns on the other popular meme coin, although the community has been making regular daily and weekly burns since last year, this has not yet had a positive impact on the SHIB price.
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802,206,663,474 (~$1,344) #BABYDOGE tokens burned from the total supply in the past hour. #BabyDogeCoin #BabyDogeArmy— Burn BabyDoge (@babydogeburn_) June 25, 2022
After these burns BabyDoge price It increased more than 13 percent and reached the level of $ 0.000000001699. At the time of writing, the popular meme coin is trading at $0.00000001671 according to CoinMarketCap data.
As previously reported by KoinFinans, earlier this week, the BabyDoge army had burned an astonishing 14.2 quadrillion dog tokens, making the meme coin Binance Smart Chain on the list of most popular smart contracts among whales.
These massive burns occur as part of the team’s plans to burn 50 quadrillion BabyDoges to further reduce the circulating supply.
The BabyDoge community is voting to accelerate their token burn, and the team is working to reduce the current supply by another 50 quadrillion. As part of the events planned to make the meme coin’s first birthday more special, the team launched a community proposal on Snapshot to burn 50 Quadrillion BabyDoge tokens on Ethereum. “It gave the chance to vote on Babydoge cremation by offering the options to be burned at the same time, to be burned within a period of 2 months and No, not to be burned.
According to the latest update, more than 2 quadrillion votes were cast, with more than 91 percent of the votes in favor of the burning. Voting is expected to end on June 28.
You can check the price movements 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.