BabyDoge fell by 10% amid the decision to burn 50 quadrillion tokens
The sensational vote on burning an incredible amount of BabyDoge coins has been completed successfully. A vote by members of the BabyDoge community led to the decision to burn 50 quadrillion BabyDoge coins. The event is scheduled for Friday, July 1.
Recall that the issue of burning a substantial part of the volume in circulation was first raised a month before the date of burning, on the first birthday of the project, June 1. At that time, the turnover volume was 232 quadrillion tokens. By the end of the voting, BabyDoge had already decided on a supply volume of 115 quadrillion, of which, as it is now known, another 50 will be cut off.
It is important to clarify that it is proposed to burn only coins on the Ethereum network. Although it is not entirely clear whether BabyDoge tokens are in its main network, the BNB Beacon Chain (ex-BSC) will also be subject to such manipulations.
BabyDoge Price Movement
BabyDoge quotes reacted to the news of the decision in different ways, playing both ways. On June 28, the day of the approval of the voting results, BabyDoge showed an increase of 15.8%. However, the very next day it rushed down by 18%, which brought it to a point below the beginning of yesterday's growth, where it smoothly bought off. As a result, BabyDoge is currently trading 10% below yesterday's closing price and about 12% below its values on June 1.
It will be quite interesting to see how the price and, last but not least, the capitalization of BabyDoge will change when burning 50 quadrillion tokens. This may be the first time in history that such a large-scale one-time token burning has occurred. We are sure that BabyDoge's industry competitors, such as Shiba Inu with its SHIB token, will also be closely monitored and may even use some tricks to their advantage.
https://coin-signal.com/cryptonews/babydoge-fell-by-10-amid-the-decision-to-burn-50-quadrillion-tokens/
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