The development team behind Baby Doge Coin reported that on December 1, a massive amount of BabyDoge burned. announced. According to the information shared today, the burning event consisted of two parts. In the first transaction, 1 quadrillion meme coins worth $1.2 million were burned. Similarly, the team used 16 BNB from DEX’s swap fees to repurchase and burn BabyDoge tokens.
Burn is here!
1 quadrillion burned from token volume worth estimated $1.2mhttps://t.co/PKG0yWZxpD
16 BNB buy back and burn from BabyDogeSwaphttps://t.co/zNq2KJ3WLU pic.twitter.com/aMqyO2h2a6
— BabyDogeSwap.com LIVE (@BabyDogeCoin) December 2, 2022
According to blockchain data from BscScan, the team exchanged 16 BNB for 4,032,904,250,987 (4.03 trillion) BabyDoge and the tokens were sent to the official dead-unused wallet.
Community Supports BabyDoge Monthly Burns
The announcement comes a week after the community collectively voted on the proposal to continue the monthly burns. Following the community’s approval, the team said it will carry out its first combustion on December 1. The final burn is the first of a series of BabyDoge burns that will take place monthly for the meme coin.
The Baby Doge team stated that the source of the monthly meme coin 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”
Baby Doge Coin remains one of the cryptocurrency projects that burned a large portion of its supply in a series of burnout efforts. According to Baby Doge Swap data, the team incinerated 200.5 quadrillion BabyDoges out of a total supply of 420 quadrillion tokens.
Despite heavy burning activities in the past, the team still does not give up on its efforts to reduce its supply. The team behind the project also recently reported that they are considering launching an official incineration portal to enable owners to voluntarily burn their BabyDoge assets.
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