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Baby Doge Coin (BabyDoge) Burns Massive 1 Quadrillion Tokens, Here's Price Reaction

Thu, 03/02/2023 - 15:37
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Tomiwabold Olajide
Baby Doge Coin (BabyDoge) makes massive 1 quadrillion token burn
Baby Doge Coin (BabyDoge) Burns Massive 1 Quadrillion Tokens, Here's Price Reaction
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One quadrillion BabyDoge tokens worth over $2.6 million have been burned in one fell swoop, according to BscScan. The transaction took place around 15 hours ago, on March 1 at 9:41 p.m. UTC.

Additionally, $13,000 worth of BabyDoge was bought and sent directly to the burn address. Burn BabyDoge also reports that on March 1, a whopping 4.99 trillion Baby Doge Coin worth $12,600 was transferred to dead wallets.

In the last 24 hours, 1,013,000,584,992,954 BABYDOGE tokens have been burned, according to BabyDoge.

On Feb. 13, the Baby Doge Coin team announced the release of the burn portal and said it was going to burn five tokens for each token burned through the platform until April 1.

As reported earlier, the burn portal was launched to put burning power in the hands of the community and then ultimately to reduce the BabyDoge supply.

So far, 204,061,703,987,975,136 BABYDOGE tokens, or 48.586% of the total supply of 420 quadrillion tokens, have been burned.

On Feb. 12, U.Today reported that 202,646,954,965,716,224 tokens had been burned so far, amounting to 48.249% of the total supply.

This implies that since the burn portal's launch on Feb. 13, nearly 1.5 quadrillion tokens have been burned.

Baby Doge Coin price

At the time of writing, Baby Doge Coin was changing hands at $0.000000002392, down 8.59% in the last 24 hours and down 18.51% in the last seven days.

Soon after the burn portal was launched, the price of Baby Doge Coin started to gradually fall. This might suggest that the massive burn has not impacted the price in the short term as much as technical factors.

After a massive rally at the start of 2023, Baby Doge Coin entered a correction as investors pulled profits. Burning, although not guaranteed, is expected to boost a token's price in the long run. Whether this would be the case for Baby Doge Coin yet remains unknown.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.