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Baby Doge Coin (BabyDoge), a popular memecoin, recently announced a groundbreaking governance proposal on its official Twitter account to burn 100 quadrillion of its supply. The governance proposal is up for a vote in the decentralized autonomous organization (DAO) that governs the project.
100 Quadrillion Tokens to be Burned
If the proposal gains approval, Baby Doge Coin will burn 100 quadrillion of its supply to bolster the network’s security and strengthen the integrity of the project. The token burning process is scheduled for June 1, 2023. Following this, approximately 85 quadrillion Baby Doge Coins will remain available for bridging on the Ethereum network.
Upon a green light for the governance proposal presented to the DAO, burning 100 quadrillion of the altcoin’s supply will reduce BabyDoge transaction fees on the Ethereum network to zero.
The fundamental motivation behind the governance proposal is to address concerns regarding potential exploitation risks associated with the idle 100 quadrillion tokens that have been lying dormant since Baby Doge Coin’s launch on the Ethereum network.
However, there’s a potential drawback to the proposal. In the event of any issues or hiccups with the Binance Smart Chain (BNB), only 85 quadrillion out of a total 155 quadrillion Baby Doge Coins will be eligible for transition to the Ethereum network.
Baby Doge Coin and Milestones
According to data from CoinMarketCap, at the time of this article’s preparation, BabyDoge is the 210th largest cryptocurrency with a market capitalization of $300.78 million. The BabyDoge community recently set a Guinness World Record for the most pet food donated in 24 hours, thereby strengthening their position as record holders and demonstrating their remarkable commitment to the project. Furthermore, the community reached another milestone with a price surge of over 60% for the altcoin following their collaboration with NOOT coin, highlighting the success of both projects’ collaborative efforts.
