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$1.1 Million in BabyDoge Burnt, Here's What's Happening to Price

Fri, 12/02/2022 - 09:25
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Yuri Molchan
Staggering quadrillion BabyDoge coins has been removed from circulation
$1.1 Million in BabyDoge Burnt, Here's What's Happening to Price
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The official Twitter handle of meme token BabyDoge has announced that on Dec. 1, a whopping quadrillion of these tokens were burned, as was announced before.

Quadrillion coins get burned for a start

This burn consisted of two parts – a burn of BabyDoge worth $1,100,000 and a buyback of BabyDoge coins with 16 BNB and then another burn. This burn also includes all trading fees from swaps.

These quadrillion tokens were destroyed by the development team of the coin after the vote that suggested it took part a short while ago and the burn, along with a buyback of BabyDoge, was approved by the meme coin's vast community.

This is just the first burn in a series of planned ones for BabyDoge. Some in the community reckon that once a really big stash of BabyDoge coins is removed, Binance may start considering listing this meme coin, which may become a big price driver for it.

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BabyDoge price remains unaffected

So far, as per a recent tweet by @babydogeburn_ account focused on tracking BabyDoge burns and on noting the emergence of new wallets with this token, a total of 199,466,580,846,242,464 BabyDoge have been removed from the circulating supply of 420,000,000,000,000,000 coins. These figures come from a tweet published on Nov. 29.

The price of the aforementioned meme coin has not quite responded to the burn yet. As per the figures provided by CoinMarketCap, Baby Doge Coin is trading at $0.00000000114, showing a drop by slightly over 2%.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.