The official Twitter account of meme token Baby Doge Coin (@BabyDogeCoin) has announced that over the past 24 hours, a staggering $321,000 equivalent of these meme coins has been removed from circulation.
It has also shared the total amount of BabyDoge that has been burned since burns on the project started. This amount is obviously going to rise as BabyDoge developers are launching a new burn portal today for the community, according to another tweet published earlier.
The expectations of this launch have pushed the price of BabyDoge to a yearly high.
$804 million in BabyDoge burned overall
According to the tweet about burns, since yesterday morning, the developers and community have managed to send 81 trillion meme coins to unspendable wallets. This sum in BabyDoge constitutes roughly $321,000 in fiat USD.
As for the total amount of BabyDoge that has been burned by the present day, it comprises a whopping 202.7 quadrillion coins evaluated at $804 million. The initial supply of the token is 420 quadrillion. Therefore, nearly 50% of it has been burned in unspendable wallets by now already.
BabyDoge meme token was launched in the summer of 2021 after tech mogul and innovator Elon Musk posted a tweet that mentioned "Baby Doge." After that, the token community has been calling Musk the inspiration driver for BabyDoge.
In their burns, the BabyDoge army has outperformed prominent meme coin Shiba Inu. Over the past 24 hours, the SHIB army has managed to burn merely 102,145,155 worth $1,294.
BabyDoge devs have been burning massive amounts of their token since Dec. 1, when one billion meme tokens were removed from the circulating supply.
BabyDoge price jumps to yearly high
The price of the meme coin has shown positive market action on the news of the upcoming launch of the burn portal. This platform would allow the community to burn tokens, thus helping to push down the circulating supply.
The announcement on Twitter stated that the dev team will burn 5 BabyDoge for each token burned by the community via the new portal until April 1.
In the past 24 hours, the price of the meme token has jumped over 20%, hitting a level last seen in early January 2022 — $0.000000004066.
Burn portal going LIVE today !— BabyDogeSwap.com LIVE (@BabyDogeCoin) February 13, 2023
Why burn your tokens?
Lower buy fees ! pic.twitter.com/RohTmkrtZN