Tech

BABYDOGE Up 19% As Team Burns 682 Trillion Tokens at Once

02/02/2023
Bitcoin Ethereum News

The tokens burned are estimated to be worth over $1 million against prevailing rates.

The BabyDoge (BABYDOGE) community continues to champion token burns to provide support for the asset, as the team just announced the incineration of a whopping 682 trillion tokens worth over $1M. In response to the disclosure, the asset’s price has so far surged by 19% in the past week, and over 4% in the past 24 hours.

The team behind the project announced the development a few minutes before midnight today. “682 trillion BabyDoge was burned forever worth an estimated $1,091,200,” they disclosed in a tweet, sharing proof of the transaction. They also revealed that they had engaged in a buyback and burn of 2.6 trillion tokens from the BabyDoge Swap DEX.

 

Data from BSC Scan reveals that the 682 trillion burns occurred on February 1 at 22:12 (UTC) while the incineration of the 2.6 trillion tokens from the buyback exercise was carried out much earlier, at 13:01 (UTC) on the same day.

This team informed the community of the upcoming burn exercise yesterday at noon, noting that it would be the first one of the month. However, it would not mark the very first time the development team carries out such massive burns, as one of the most recent instances involved the incineration of 1 quadrillion tokens last December, as well as the buyback and burn of 16 BNB.

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Besides these, the community is also making its own contributions to the burns, as 33 trillion tokens were incinerated barely four days ago. These persistent burns remain sustained despite the absence of a burn portal which would be used to incentivize members. The team is holding a Twitter AMA session on February 3, 16:00 (UTC) to discuss the features of the burn portal and the launch date.

BABYDOGE Price Movements 

Following the latest burns, the ratio of supply burned has crossed the 48% mark, currently at 48.119%, amounting to 202.1 quadrillion tokens. In the past week, 836 trillion tokens have been burned. The asset’s price has responded to this development, surging by 19.7% in the past 7 days.

BABYDOGE is currently trading at $0.000000001532 as of press time, up 4.23% in the past 24 hours. The last time the asset saw this price territory was in August 2022. 

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Source: https://thecryptobasic.com/2023/02/02/babydoge-up-19-as-team-burns-682-trillion-tokens-at-once/?utm_source=rss&utm_medium=rss&utm_campaign=babydoge-up-19-as-team-burns-682-trillion-tokens-at-once