BabyDoge network burns assets worth $13M

Sahana Kiran
Source – Pixabay

Hot dog! The BabyDoge network followed the footsteps of its counterparts and decided to carry out a burn.

The meme coin revolution paved the way for a slew of new coins. Inspired by the OG meme crypto, Dogecoin [DOGE], assets like BabyDoge, Floki Inu [FLOKI], and Shiba Inu [SHIB] entered the market. While Shiba Inu managed to gain increased traction, the other two assets did not fall behind either.

Now, as more people dive into the meme coin market, BabyDoge decided to burn some of its circulating supply. The network reportedly burned a whopping 4 quadrillion of the assets. The worth of the burn was further estimated to be $13.6 million.

Source – Twitter

While most of the networks engage in burns to increase the price of their respective assets, the value of BabyDoge did not see a major difference. During press time, the meme coin was trading for $0.000000003358 with about 4.9 percent over the last 24-hours.

However, the network clarified that burns did not necessarily have to interfere with the price. The BabyDoge said,

“Please note: that burns do remove tokens from the overall supply. However, burns do not mean or nor should you infer that the price is going up. As with anything in crypto, please proceed with caution & make decisions at your own risk.”

Unfortunately, the meme coin was still 47.1 percent down from its all-time high of $0.000000006345 that it achieved back on 16 January 2022.

Currently, the circulating supply of BabyDoge was at 159,278,394,658,793,747 this could mean that the network is most likely to carry out more burns in the future.

BabyDoge is one of the most used smart contracts

Despite not witnessing any major changes in its price, BabyDoge emerged as one of the most used smart contracts among the biggest BSC whales. WhaleStats alerted the community about this latest movement. The tweet read,

All of these updates, but there’s no sign of Binance listing the meme coin any soon.