Another ambitious meme coin community is trying to reduce its supply greatly
According to Baby Dog Coin’s official account on Twitter, a surprising amount of these meme coins have been burned in the past 24 hours.
Massive number of meme coins destroyed
SHIB developers have managed to reduce the circulating supply of the token by 6,614,991,824,532. This is the equivalent of $6,237.
This is part of a recently started burn that uses fees from swaps on BabyDogDex as well as buybacks of these Mem coins. On December 1, a large quadrillion of Baby Doge coins were removed from circulation and sent to dead-end wallets. Such a huge amount of meme coins was valued at $1.1 million in fiat.
The series of burns started after the coin’s community voted for them in a poll launched on Twitter at the end of November.
According to data provided by Crypteye, the circulating supply now stands at a little over 219 quadrillion BabyDogs.
However, the price of this meme coin, that has been gaining popularity, does not seem to be sensitive even to massive burns. At the time of this writing, BabyDoge is changing hands at $0.00000000103, showing a fall of 2.40 percent over the past 24 hours, according to CoinMarketCap.
SHIB is far behind
This fall the SHIB army is making little progress burning their mime coins. This week, the daily burn limit ranges from 2 million tokens to 16 million SHIB. In total the weekly burn is just over 100 million Shiba Inu coins that have been removed from the circulating supply.
Over the past 24 hours, the SHIB army has managed to destroy 16,037,016 SHIB, pushing the burn rate up 706 percent.
