- One of Shiba Inu’s rivals has been burning high amounts of his token supply
- The burning of the tokens was done on the BNB blockchain.
- Baby Doge’s goal is to return control to the people and devalue the token.
One of Shiba Inu’s (SHIB) rivals, is burning a staggering number of its token supply as a deflation strategy.
According to a recent statement from the Baby DogeCoin (BABYDOGE) development team, a staggering one quadrillion tokens worth about $2.6 million of the coin’s stock were burned in a single transaction.
The token burning took place on the BNB Chain blockchain, used by Binance, the largest cryptocurrency exchange in terms of volume and the foundation on which BABYDOGE was created in 2021.
Baby Doge Coin said that the portal was giving control back to the people and that it would seek to make the token less valuable while increasing its price.
The total amount of Baby DogeCoin in dead crypto wallets is 204,066,259,885,613,376 tokens, or almost $490 million, according to data from the portal. A total of $490,000 worth of BABYDOGE has been destroyed so far using the portal, or 35,413,316,561,970 tokens.
BABYDOGE is trading at the time of writing at $0.000000002337, down 9.76% in the last 24 hours, indicating that the supply squeeze has yet to have a beneficial effect on the digital asset’s price.
