Now that certain actions have been made, there is opportunity to burn great deal of BabyDoge
The BabyDoge-themed Twitter handle @BDC_Archive tweeted that it will begin burning Meme Coin on December 1, after the BabyDoge Coin community accepted the burning proposal.
“First step toward listing on Binance”
Besides, there will also be a buyback of BabyDoge carried out by the coin’s developers. The proposal to resume monthly token burns was published by the official BabyDoge account on Nov. 24.
This would, in theory, reduce the circulating amount of coins as many of them would be sent to unusable wallets. The first objective of so-called burning is to increase the value of a coin over a long period of time. the aforementioned account holds That if the new monthly burn starts working as expected, it could be BabyDoge’s first step towards getting listed by crypto trading giant Binance.
Token burns of BabyDoge’s rival, SHIB
A similar strategy has been adopted by another meme token, the second biggest one by market cap – Shiba Inu. Many individuals and small businesses have joined forces to remove coins from circulation in small, affordable portions on a regular basis.
However, as autumn begins, the burn rate of SHIBs drops drastically compared to summer – from 1–2 billion SHIBs per week to only 100 million.
Still, the BabyDoge community has been surpassing that of SHIB by the amount of burned tokens to a great degree. As per a recent tweet by @babydogeburn_, in the past 24 hours, the BabyDoge army has removed 8,786,697,847,047 meme coins worth approximately $9,911. This is a lot more in USD equivalent than the SHIB army is burning within a week now.
Overall, approximately 48% of all Babydogs in circulation have been burned; This is 199,421,255,248,687,808 coins out of a total supply of 420,000,000,000,000,000 Baby Dog Coins.
