- At press time, 202,768,377,572,640,128 BABYDOGE is in the dead wallets.
- Baby Doge Coin ranks 68th on Coingecko with a market cap of over $675M.
Baby Doge Burn Portal went live on the estimated date, February 13, at 1 PM EST. The team launched the portal exactly 10 days after its Twitter announcement. Over 11.8 trillion Baby Doge Coin (BABYDOGE), worth $47,848 at press time, were burnt on the burn portal.
At the beginning of 2023, especially in February, the Baby Doge Coin project set out to accomplish significant milestones. Firstly, this third largest memecoin attained over $55M in total value locked (TVL). Secondly, it entered the top 100 cryptos by market capitalization on CoinGecko. Now, this burn portal launch is added to the list.
This Dogecoin junior had been everywhere on Twitter trending with its hashtag – “#BABYDOGE.” Significantly, the team released a how-to tutorial to guide the Baby Doge community in using the burn portal.
Burn Portal Augments Scarcity
Through the portal, the dev team will burn 5 BABYDOGE for every token burnt by the community till April 1. Eventually, this is expected to unlock the potential of a deflationary token by causing scarcity. Baby Doge Coin has a fixed supply cap of 420 quadrillion BABYDOGE. Presently, over 159 quadrillion BABYDOGE are in circulation in the crypto market.
Notably, 202,776,980,214,081,760 BABYDOGE, nearly 48.2% of the total supply, were burned and transferred to the dead wallet. For the next tier of burning, the team estimates to record the burn of 5 trillion tokens. The crypto community anticipates significant price surges. After the portal launch, in an hour, BABYDOGE recorded a 2.6% increase in its price and in 9 hours, a 12.1% surge.
In addition to aiding token scarcity, this burn portal will now allow users to make their BABYDOGE purchases at lower buy fees.
On the Baby Doge Burn Portal, it is stated:
“Burn Baby Doge Coin for lower fees when buying Baby Doge at Baby Doge Swap. The more Baby Doge Coin that you burn, the better your personal discount and fee become. Burn Baby Burn!”
On Binance, BABYDOGE has claimed a spot on the trending cryptocurrencies list. However, its listing on the largest crypto exchange is still in the queue.
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