Popular memecoin Baby Dogecoin is on fire as it records a 51 Quadrillion burn worth $90 million in less than 24 hours after burning another 1 Quadrillion coins.
The cryptocurrency project with a canine theme used Twitter to announce the transaction details, which can be seen on the Binance Smart Chain (BSC).
The burn happened earlier today and was estimated to be worth $1.6 million, according to the transaction’s details on the Binance Smart Chain. To burn all of its tokens, the Baby Doge team sent one quadrillion units of the dog-themed cryptocurrency from its official wallet to a dead wallet.
The Baby Dogecoin Community Ready to Reduce Supply
The development is an ongoing component of the monthly burn exercise. To lower the volume from 420 quadrillion units to a much smaller number, the Baby Doge team has been burning a portion of the token’s supply every month.
The goal is to increase the cryptocurrency’s value shortly.
The Baby Doge team has been burning one quadrillion cryptocurrency units each month. Still, it has also burned more on unique occasions, such as when it receives support from a well-known person or thanks to a vote by its community.
It’s interesting to note that last month’s cryptocurrency project launched a community proposal that led to the deletion of 50 quadrillion BABYDOGE coins from the Ethereum network.
The Baby Doge team complied with investor demands when the community decided that the tokens should be sent to the dead wallet all at once.
The largest burn transaction ever completed in the cryptocurrency industry was carried out by Baby Doge, who also tweeted a confirmation of the transaction.
BABYDOGE Falls 9.3% in 24 Hours
However, despite Baby Doge’s massive number of burns over the past 24 hours, the token is still not reflecting these encouraging developments.
On the previous day, BABYDOGE, which soared to a high of $0.000000001780, plunged dramatically to a low of $0.00000000154.
Baby DogeCoin is currently down 9.3 percent in price at $0.000000001780 as of the time of writing.