- A massive 2.6 quadrillion burn took place. Baby Doge Coin (BABYDOGE)has once again taken its place in the list of the most used smart contracts in BSC.
Shared by WhaleStats data According to the report, the top 100 whales on the BNB Chain (formerly known as Binance Smart Chain) are currently actively using BabyDoge smart contracts, in addition to nine other popular smart contracts.
The community’s new favorite meme cryptocurrency ranks ninth on the top 10 smart contract list, meaning that whales are aggressively attacking it. BabyDoge It means bought.
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) June 15, 2022
As reported by KoinFinans earlier this month, the number of BabyDoge holders has reached a new record, adding almost 200,000 addresses since February, increasing to more than 1,500,000.
However, blocky.info to the data According to BabyDoge, it is still not decentralized enough and the majority of the coin’s supply (1,000,000,000,000 tokens) is held by only five wallets.
On that day, BabyDoge, the little brother of meme cryptocurrencies, surpassed the number of Shiba Inu holders; SHIB’s investor count had reached 1,172,506 wallets at that time.
Trying to melt the huge supply
Similar to the Shiba Inu, the BabyDoge community has been actively burning meme cryptocurrencies lately to reduce the circulating supply. On the first two days of June, during the birthday celebrations Baby Doge Coin (BabyDoge)carried out large amounts of burning, carried 6 quadrillion tokens to inferno wallets and announced that they would soon hold a “50 Quadrillion Burning Party”.
Intense token burnings at BabyDoge marked this year, and before the June burning, Baby Doge Coin had 5 quadrillion tokens in January, 4.8 quadrillion tokens in February, 4 quadrillion tokens in March, 3.2 quadrillion tokens in April and 4 quadrillion tokens in May. made burns.
If on 14 June BabyDoge price BabyDoge community, taking advantage of the decline, burned a total of 2,616,955,024,119 tokens and spent 2,839 dollars on these transactions.
— Burn BabyDoge (@babydogeburn_) June 14, 2022
What is Baby Doge?
Launched after its competitors such as Dogecoin and Shiba Inu attracted attention, Baby Doge Coin (BABYDOGE) is a crypto asset created by the Dogecoin (DOGE) community and considered the “son” of DOGE. According to its website, Baby Doge; It is a cryptocurrency “trying to impress its father, Dogecoin, with its new, improved transaction speeds and cuteness.” Baby Doge’s team define the meme coin in their whitepaper as follows:
“Launched in June 2021, Baby Doge Coin is a cryptocurrency with one of the fastest growing communities among crypto meme coins. Baby Doge has a mission to help save dogs in need, while also helping ordinary people get acquainted with cryptocurrencies. Baby Doge is a cryptocurrency built on the Binance Smart Chain with incredibly fast 5 second block times and cheaper gas fees than Ethereum.”
With a hyper-deflationary system that is increasingly scarce and liquidity, BabyDoge’s project team hopes to capitalize on Dogecoin’s momentum, but uses faster transactions and advanced intelligence to do so.
The Baby Doge Coin project oversees the welfare of dogs and actively reaches out to dog shelters and organizations that benefit dogs. It is known that the purpose of the platform is to help rescue as many dogs as possible.
Coin burnIt is a method used to keep the market value of crypto assets high and try to stabilize inflation. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin, and the price skyrockets as a result.
at the time of writing BabyDoge price It follows the positive trend in the market and is trading at $0.000000001225, up about 4 percent according to data provided by CoinMarketCap.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.