Baby Doge Shows Off Sharp Price Spike, Burns Quadrillions Of Tokens

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Jul 11, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

KEY POINTS

  • Baby Doge Coin is set to burn 50 quadrillions more tokens
  • The mem coin has so far burned 196 quadrillions of tokens
  • Baby Doge Coin was trading down 7.58 percent at $0.000000001605

After celebrating its first birthday, Baby Doge, the successor of the dog-themed crypto-asset Dogecoin, boasted that it has sent quadrillions of Baby Doge Coins to dead wallets and flaunted a sharp price spike.

The meme coin scored a 13.62 percent price surge from $0.000000001601 to $0.000000001819 following the announcement. Twitter handle Burn BabyDoge shared that on Tuesday, the community burned 10,418,636,106,169 BABYDOGE tokens. 

The Twitter account also disclosed that, so far, 196,123,244,745,404,192 tokens have been sent to dead wallets. This is almost 47 percent of the 420,000,000,000,000,000 initial circulating supply of the crypto asset.

Crytocurrency coins Photo: Kanchanara/Unsplash

Interestingly, the Baby Doge Coin community is scheduled to burn 50 quadrillion tokens on the Ethereum network on Wednesday. However, for this to happen, voting results must show approval. 

Earlier, the voting dashboard read, “Results could not be calculated. This is often due to a misconfigured strategy or an unresponsive RPC node involved in the strategy.” 

Despite this, speculations claim that the voting result favored the proposed burning of 50 quadrillions of Baby Doge Coins. As of 6 a.m. ET on Wednesday, the burn proposal is already closed and the community awaits the official disclosure of the voting result. 

The idea of burning tokens or sending them to a dead wallet mainly intends to reduce the circulating supply of tokens, making them more scarce, thus the price hike. In economics, an increase in demand for a scarce asset propels a surge in value, which is primarily the reason behind the aggressive burning activity within the BABYDOGE community. 

If this burning rate continues, BABYDOGE will most likely thin its circulating supply and perhaps help in spiking its price. Meanwhile, CoinMarketCap finally verified the total circulating supply of Baby Doge Coin, which is 231,942,258,692,909,000. 

Baby Doge Coin was trading down 7.58 percent at $0.000000001605 with a 24-hour volume of $10,891,253 as of 6:08 a.m. ET on Wednesday, based on the latest data from the cryptocurrency aggregator CoinMarketCap.

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