Baby Doge, a popular meme cryptocurrency has announced a groundbreaking proposal to burn 100 quadrillion tokens, through a tweet from its official Twitter account.
Groundbreaking 100 Quadrillion Token Burn
The initial proposal was submitted for voting by the decentralized autonomous organization (DAO) that governs the project. The community demonstrated strong backing for the plan.
Read More About The Proposal..
Baby Doge Coin will burn its 100 quadrillion tokens to bolster security and fortify the integrity of the project. The scheduled date for the token burn is June 1st. Proceeding this, approximately 85 quadrillion Baby Doge tokens will remain available for bridging to Ethereum.
Alongside the token burn, the initiative also includes a 0% fee reduction for transactions on the Ethereum network.
Baby Doge aims to ensure long-term stability and security within its ecosystem through this burn process, lets dive deep into this!
Why This Massive Burn?
The primary motivation behind the proposal is to address concerns regarding the potential exploitation risk associated with the 100 quadrillion idle tokens since Baby Doge’s launch on the Ethereum network.
The team mentioned reasons in an official statement about the burn during the proposal:
“reduce potential exploitation risk associated with them.”
Furthermore, this initiative seeks to allocate some tokens for bridging to Ethereum while reducing transaction fees on the network to 0%.
However, one potential drawback was brought to this proposal. In the event of any issues or disruptions with the Binance Smart Chain (BNB), only 85 out of the total 155 quadrillion Baby Doge tokens would be eligible for migration to the Ethereum network.
Token burns are not uncommon with memecoins with Shiba Inu notably burning millions of its token on a regular basis.
The Baby Doge team remains optimistic that this token burn will strengthen the project’s security, reduce fees, and enhance its overall value proposition.
BabyDoge is ranked 210 on Coinmarketcap with a market cap of $300,789,653, at the time of writing.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
