A rival of dog-themed crypto asset Shiba Inu (SHIB) is burning an eye-popping amount of its token supply as a deflationary measure.
In a new announcement, the development team behind Baby Doge Coin (BABYDOGE) says it has burned a staggering quadrillion tokens, worth about $2.6 million at time of writing, from its supply in a single transaction.
The token burn happened on BNB Chain, the blockchain of Binance, the world’s largest crypto exchange platform by volume and the protocol BABYDOGE was built on in 2021.
Last month, the Baby Doge Coin team launched its own burn portal, which is a tool that burns and keeps track of how much of the meme asset’s supply has been discarded. The team said that for every token a member of the community burns, they’ll burn five.
At the time, Baby Doge Coin said that the portal puts the power back in the hands of the community and will work to deflate the token, raising its price.
According to data from the portal, the overall balance of Baby Doge Coin in dead crypto wallets at time of writing is 204,066,259,885,613,376 tokens, or about $490 million. So far, 35,413,316,561,970 tokens, or about $490,000 worth of BABYDOGE, have been scrapped using the portal.
The supply squeeze of BABYDOGE has yet to positively impact the digital asset’s price as it is trading for $0.000000002374 at time of writing, a 7.9% drop during the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Angela Harburn/Vladimir Sazonov