4.8 Quadrillion BabyDoge Tokens Worth $20M Burned – Tesla Motors (TSLA)

Meme-based cryptocurrencies, and the communities behind them, appear to be actively focused on permanently removing tokens from circulation in an effort to boost prices.

What Happened: The team behind BabyDoge (CRYPTO: BABYDOGE) announced on Wednesday that 4.8 quadrillion BABYDOGE tokens had been burned.

4.8 quadrillion #BabyDoge burned! 

What the meme 

Proof of burn: https://t.co/lxMkJeyzXX pic.twitter.com/4fVr3rW63T

— BabyDoge (@BabyDogeCoin) February 1, 2022

At the time of the burn, these tokens would have amounted to over $20 million according to data from blockchain explorer BscScan.

BabyDoge, a token built on the Binance Smart Chain, was created in June 2021. Since its inception, it has rallied by 4300% after gaining support from large holders.

The coin saw a massive surge in popularity after a tweet from Tesla Inc (NASDAQ:TSLA) CEO Elon Musk – something that has become a common catalyst from positive price action in the crypto industry.

Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge

— Elon Musk (@elonmusk) July 1, 2021

Last month, BabyDoge surpassed Ethereum (CRYPTO: ETH) to become the most traded token among the 1000 richest Binance Smart Chain whales.

The coin also managed to surpass rival meme-coin Shiba Inu (CRYPTO: SHIB) in terms of the number of holders which reached a record 1.15 million last month.

The Shiba Inu community too has also been actively involved in creating innovative burn mechanisms for the crypto token.

In January, a Shiba Inu burn tracker estimated that more than 410 trillion tokens, or 41% of the SHIB supply, have been effectively removed from circulation forever.

Price Action: Both SHIB and BABYDOGE have seen their prices move horizontally over the last two weeks.

At press time, BABYDOGE was trading at $0.000000004172, down 0.6% in the last 24 hours. SHIB was priced at $0.00002165, also down 0.6% over the same period.

Also See: If You Had $1,000 Right Now, Would You Put It On Bitcoin Or Baby Dogecoin?