Baby Doge Coin (BabyDoge) is known for relentlessly carrying out burns to reduce its hefty supply of 420 quadrillion tokens. In a tweet yesterday, the team behind the leading canine-themed cryptocurrency revealed that it had burned nearly $353 million worth of BabyDoge tokens so far. It bears mentioning that burning a part of a token’s supply is part of efforts by crypto projects to boost the price of the asset. Projects such as Shiba Inu, Terra Classic, Volt Inu, etc., have adopted the burn strategy to reduce their supply and increase the token’s price.
Interestingly, BabyDoge leads other cryptocurrency projects in terms of token burns or sending them to a burn wallet. As reported in October, cryptocurrency analytics platform HC Capital ranked BabyDoge as the number one crypto project with the highest burn rate.
The milestone did not come as a surprise to many who have followed updates about the BabyDoge ecosystem. It is noteworthy that BabyDoge carried out monthly burns for most of last year. This month, the team burned a whopping $1M worth of BabyDoge tokens in a single transaction. #share
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