Babydoge’s groundbreaking move: team burns 2 quadrillion tokens, valued at $2.35 million, garnering overwhelming community support with an impressive 96% vote.
In a groundbreaking move, the team behind the cryptocurrency sensation Babydoge has taken decisive action by burning a staggering 2 quadrillion tokens, amounting to a jaw-dropping $2.35 million. The momentous event was officially announced through a tweet, revealing the team’s dedication to the project’s success and the community’s overwhelming support.
Responding to a snapshot suggestion made on July 13th, the token Coin team decided to initiate the token burn, garnering an impressive 96% of votes in favor. The team burned 1.9 quadrillion tokens, previously allocated as farm rewards on the BabyDogeSwap decentralized exchange (DEX). Additionally, they incinerated an additional 113 trillion tokens, bringing the total to over 2 quadrillion tokens burned within the past 24 hours.
Babydoge Burn Enhances Scarcity And Value
The decision to burn such a significant amount of tokens underlines the team’s commitment to maintaining the token’s deflationary nature and reducing its supply over time. By doing so, the token aims to enhance its value for holders and investors while ensuring its scarcity in the market.
The BabyDogeSwap DEX, as part of its deflationary mechanism, implements a 10% fee on each transaction. Out of this fee, 5% is distributed to token holders as reflections, incentivizing and rewarding their unwavering support. The remaining 5% is allocated to the Pancake Swap liquidity pool, contributing to the project’s growth and long-term sustainability.
The token burn marks a significant milestone in the token’s supply management strategy. With a limited supply of 420 quadrillion tokens, the project has already permanently removed a staggering 208.5 quadrillion tokens from circulation. As a result, there are currently 156.1 quadrillion tokens in circulation.
The process of burning such an astronomical number of tokens required the discontinuation of sixty-one (61) farms on the DEX, which was responsible for distributing farm reward tokens. Through this meticulous approach, the targeted tokens will be systematically removed in preparation for their scheduled incineration on August 1.
The overwhelming support for the token burn proposal reflects the community’s unwavering belief in the Babydoge project and its deflationary model. The team’s commitment to transparency and responsiveness to community initiatives further solidifies Babydoge’s position as a promising token in the ever-evolving world of cryptocurrencies.