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SHIB Rival BabyDoge Hits New Milestone, Leaving Shiba Inu Behind

Fri, 12/16/2022 - 16:11
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Yuri Molchan
Another ambitious meme coin community is trying to reduce its supply greatly
SHIB Rival BabyDoge Hits New Milestone, Leaving Shiba Inu Behind
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According to the official account of Baby Doge Coin on Twitter, over the past 24 hours, an astounding amount of these meme coins have been burned.

Massive number of meme coins destroyed

Baby Doge developers have managed to reduce the circulating supply of the token by 6,614,991,824,532. This is the equivalent of $6,237.

This is part of recently started burns in which fees from swaps on the BabyDoge dex are used and buyback of these meme coins as well. On December 1, a whopping quadrillion of Baby Doge Coins was removed from circulation and sent to a dead-end wallet. That massive amount of meme coins was evaluated at $1.1 million in fiat.

The series of burns started after the coin’s community voted for them in a poll launched on Twitter at the end of November.

The circulating supply now is slightly over 219 quadrillion BabyDoge, according to data provided by Crypteye.

However, the price of this meme coin, that has been gaining popularity, does not seem to be sensitive even to massive burns. At the time of this writing, BabyDoge is changing hands at $0.00000000103, showing a fall of 2.40 percent over the past 24 hours, according to CoinMarketCap.

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SHIB burns lag behind significantly

The SHIB army has been making much smaller progress in burning their meme coins this fall. This week, daily burns have ranged from 2 million tokens to 16 million SHIB. Weekly burns in total are merely exceeding 100 million Shiba Inu coins removed from the circulating supply.

Over the past 24 hours, the SHIB army has managed to destroy 16,037,016 SHIB, pushing the burn rate up 706 percent.

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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.