Following in the footsteps of the most popular dog-themed cryptocurrency and its competitor, the Shiba Inu (SHIB) Baby Doge Coin (BABYDOGE)Officially, shortly after announcing their NFT launch that will take place on April 20, 2022 twitter also announced that they are planning to create their own decentralized exchange (DEX) called “BabyDoge Swap” via a tweet from their account.
According to the tweet, BabyDoge Swapwill have some unique features such as increasing usability and burning tokens. However, no more official details about BabyDoge Swap and other features of the platform have yet been revealed.
While making the announcement, Baby Doge Coin shared a 58-second promotional video. The demo video included a look at what BabyDoge Swap would look like and how it would work.
According to the video, DEX will not require registration and users will be able to trade seamlessly by connecting wallets to Binance Smart Chain.
After NFTs we will be dropping #BabyDogeSwap it has unique features we will be announcing shortly that support the use and increase burn of #BabyDogeCoin 👀 pic.twitter.com/3iAtS7TsPp
— @BabyDogeNFTs mint 4/20 (@BabyDogeCoin) April 11, 2022
This demo video gives a strong signal to the community that the BabyDoge Swap is fully ready and will be available soon after public NFT release.
Following Dogecoin and SHIB Baby Doge CoinWith 1.1 million followers, it ranks third among the most followed dog-themed cryptocurrencies on Twitter.
The token also reached a significant milestone of 1.50 million, outpacing all other competitors. Through this milestone, BabyDoge has become the most preferred meme cryptocurrency by retail investors compared to DOGE and SHIB. According to BscScan.com data, DOGE holds 619,670 unique wallet addresses, while Shiba Inu currently has 1,127,347 (1.12 million) holders, according to Etherscan.io data.
If we need to draw attention to why the burning feature is so important for the coin, according to CoinMarketCap data, the circulating supply of the coin is currently 160 quadrillion, and the total supply is 420 quadrillion BABYDOGE.
Since the start of 2022, BabyDoge has removed a total of 17 quadrillion tokens worth over $54.3 million by sending them to dead wallets, but that’s not enough yet. As a result, the new burn feature is expected to reduce the supply of the popular meme coin and help push the price up.
Coin burnIt is a method used to keep the market value of crypto assets high and try to stabilize inflation. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin, and the price skyrockets as a result.
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.