Burns have become an integral part of the cryptocurrency ecosystem. Networks like Baby Doge and Shiba Inu [SHIB] have been carrying out extensive burns. More recently, the Baby Doge ecosystem has been making immense noise, and its latest burn portal is one of the reasons behind this uproar.
Earlier this month on Feb.13, the network’s burn portal went live. With its launch, 11.8 trillion BABYDOGE tokens worth $47K were sent to dead wallets. Now, ten days after its launch, the total number of assets burned on the burn portal was at 32 trillion.
At press time, 32,455,010,086,437 BABY DOGE tokens worth $94,567.27 were burned. Over the last 24 hours alone, more than 16 trillion tokens were sent to dead wallets. The current balance in this wallet was 202,987,052,519,763,296.
Currently, the circulating supply of the asset was at 159,278,394,658,793,747.
Baby Doge: Price Rally Incoming?
February has been extremely bullish for Baby Doge. The asset witnessed immense growth. Throughout the previous 30 days, the meme cryptocurrency recorded a 148.3% surge. However, at press time, the asset was down by 0.5% and was priced at $0.000000002952.
This trend could soon be changing, according to Lunar Crush. The cryptocurrency social intelligence aggregator noted that Baby Doge’s social engagement is at a 3-month high. The price movement averaged a weekly return of 37% the previous 10 times the social contributors of the asset climbed past its 3-month peak.
While the meme coin could pocket some gains this week, other factors could boost the chances of the same. Apart from the fact that Baby Doge has been gaining a lot of listings, the holder count of the asset was also surging.
The network recently revealed that there were over a whopping 1.7 million holders. This was much more than large market cap assets like Shiba Inu [SHIB].