Meme-based cryptocurrencies, and the communities behind them, appear to be actively focused on permanently removing tokens from circulation in an effort to boost prices.
What Happened: The team behind BabyDoge BABYDOGE/USD announced on Wednesday that 4.8 quadrillion BABYDOGE tokens had been burned.
At the time of the burn, these tokens would have amounted to over $20 million according to data from blockchain explorer BscScan.
BabyDoge, a token built on the Binance Smart Chain, was created in June 2021. Since its inception, it has rallied by 4300% after gaining support from large holders.
The coin saw a massive surge in popularity after a tweet from Tesla Inc TSLA CEO Elon Musk – something that has become a common catalyst from positive price action in the crypto industry.
Last month, BabyDoge surpassed Ethereum ETH/USD to become the most traded token among the 1000 richest Binance Smart Chain whales.
The coin also managed to surpass rival meme-coin Shiba Inu SHIB/USD in terms of the number of holders which reached a record 1.15 million last month.
The Shiba Inu community too has also been actively involved in creating innovative burn mechanisms for the crypto token.
In January, a Shiba Inu burn tracker estimated that more than 410 trillion tokens, or 41% of the SHIB supply, have been effectively removed from circulation forever.
Price Action: Both SHIB and BABYDOGE have seen their prices move horizontally over the last two weeks.
At press time, BABYDOGE was trading at $0.000000004172, down 0.6% in the last 24 hours. SHIB was priced at $0.00002165, also down 0.6% over the same period.
Also See: If You Had $1,000 Right Now, Would You Put It On Bitcoin Or Baby Dogecoin?
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