As a deflationary move, a competitor of the dog-themed crypto asset Shiba Inu (SHIB) is burning a staggering amount of its token supply.
In a recent release, the Baby Doge Coin (BABYDOGE) development team claims to have burned an astounding quadrillion tokens, valued at around $2.6 million in a single transaction.
The token burn occurred on BNB Chain, the blockchain of Binance, the largest crypto trading platform by volume in the world, and the system BABYDOGE was created in 2021.
The Baby Doge Coin team developed its own burn portal, a tool that burns and tracks how much of the meme asset’s supply has been destroyed, last month. The team stated that for every token that a community member burns, they will burn five.
According to Baby Doge Coin, the portal will aim to deflate the coin and raise its price by redistributing power back to the community.
The overall sum of Baby Doge Coin in dead crypto wallets at the time of writing is 204,066,259,885,613,376 tokens, or almost $490 million, according to data from the portal. A total of $490,000 worth of BABYDOGE has been shredded thus far utilizing the portal or 35,413,316,561,970 tokens.
The price of BABYDOGE, which is currently trading for $0.000000002291, has dropped 6.53% over the past 24 hours, indicating that the supply constraint has not yet had a beneficial effect on the price of the digital asset.