Baby Doge Coin, a popular meme-based cryptocurrency, made headlines recently as it burned over half a quadrillion tokens in a massive token burn. In the last 24 hours, 573,504,926,643,400 BabyDoge tokens were burned, worth $1,486,525, according to Burn BabyDoge. This has increased the amount burned from the total supply, with 48.776% of the initial total supply of 420 quadrillion tokens now destroyed.
The BabyDoge team has given a breakdown of the massive burn figure. A total of 257 trillion BabyDoge coins worth over $668,000 were burned by the team. Then another 310 trillion BabyDoge worth $806,000 were sent to dead wallets in a single large transaction. Proof of the burn transactions on BscScan was shared by the official Twitter account.
It should be recalled that Baby Doge Coin confirmed it would burn five BabyDoge for each token burned through the burn portal, which launched in mid-February. According to it, over 51 trillion BabyDoge were burned by the community through the burn portal. The BabyDoge team matched the community’s efforts with a five-times burn of this amount, which is 257 trillion BabyDoge.
Since the start of 2023, the quadrillions of tokens have been burned. According to Burn BabyDoge, 3.63 quadrillion tokens (3,638,488,857,435,276) worth $9,660,188 were burned in the last three months. The burning of tokens has not only helped to increase the value of the remaining tokens by reducing supply but has also helped to improve the overall health of the Baby Doge Coin ecosystem.
The community has been enthusiastic about the token burn by the Baby Doge Coin team, with many taking to social media to share their excitement over the event. The team has indicated that it will continue to burn tokens periodically to help keep the supply of tokens more manageable.
In other positive news, BabyDoge trading is expected to go live on the fifth-largest crypto exchange Bybit on April 4, 2023, at 8 a.m. UTC. This move is expected to increase the exposure and trading volume for the cryptocurrency, bringing more liquidity to the market.
While the price of Baby Doge Coin was $0.000000002685 at the time of writing, down 1.64% in the last 24 hours and 17.46% in the last seven days, according to data from CoinMarketCap, it is important to note that cryptocurrencies are highly volatile and can experience sudden price changes. Therefore, investors are advised to do their research and invest wisely.
Overall, the massive token burn by the Baby Doge Coin team and community has been a positive development for the cryptocurrency. It has helped to increase the value of the remaining tokens and improve the overall health of the ecosystem. With the upcoming trading launch on Bybit, investors will have more opportunities to trade BabyDoge and potentially profit from its price movements.