BABYDOGE Reduces 1 Quadrillion Tokens From Circulation, Will The Price Of Meme Coins Skyrocket?

JAKARTA - BABYDOGE, a meme coin that rivals Shiba Inu and Dogecoin, has burned one quadrillion tokens. This action was taken to reduce the supply of tokens and increase their value. BABYDOGE announced this decision on their Twitter account stating that the arson was valued at around 2.6 million US dollars (IDR 39.7 billion).

Burning is done by transferring the token to a dead address, so it can no longer be accessed. Currently, the balance of BABYDOGE in an inactive cryptocurrency wallet is 204,066,613 billion tokens, equivalent to about 491 million US dollars (IDR 7.5 trillion). The token burning portal has allowed the destruction of 35.414 billion BABYDOGE tokens, which are approximately worth 85.376 US dollars (equivalent to IDR. 1.3 billion)

BABYDOGE was created as a direct competitor to the Shiba Inu, capitalizing on the popularity of meme coins in the crypto world. Since its launch, BABYDOGE has gained traction and attracted more and more investors. With this burn, the team hopes to differentiate itself from other meme coins and become a prominent player in the market.

Although some investors may be concerned about the impact of drastic burning on the token's long-term viability, the team is confident that this move will benefit the project in the long term. They see this as a way to signal to the market that they are serious about creating a valuable and sustainable project that can compete with other leading meme coins.

However, the price of BABYDOGE has not shown any positive impact and has fallen nearly 7 percent in the last 24 hours, currently trading at US$0.000000002439 or around IDR0.000037.

In order to promote their project, BABYDOGE hopes that this burning will give a boost to the token price and bring more attention to their project. Only time will tell if this move will pay off in the long term.