Baby Doge Coin (BABYDOGE) is attracting attention, as its price is up by 50%

BABYDOGE was launched in June 2020 (total supply of 420 quadrillion tokens) and has already burned more than half of the supply

Baby Doge Coin (BABYDOGE) has been a hot topic in the crypto sphere, with its price skyrocketing by 51.51% over the past seven days. However, the token has experienced a slight setback, decreasing by 8.50% in the last 24 hours to reach $0.0000000001856.

Despite the recent decline, BABYDOGE has shown impressive gains, soaring by 60.96% over the past month. The meme-based cryptocurrency, which runs on the BNB Chain, has piqued the interest of many due to its hyper-deflationary concept and community-driven initiatives.

At the beginning of its journey in June 2021, BABYDOGE had a total supply of 420 quadrillion tokens. However, more than half of the supply has already been burned, leaving approximately 165 quadrillion tokens in circulation as of April.

Earlier this year, one burn consumed 11.14 trillion coins, which were valued at $14,919.88 at the time of the burn. These efforts aimed to tighten supply and increase scarcity.

Furthermore, community members have been actively promoting engagement to burn more tokens. A campaign that linked likes with token burning saw each like contribute $1 to burning BABYDOGE.

This initiative brought together supporters of the token, fostering a sense of community and driving up demand for the coin.

In May, BABYDOGE underwent a significant change by eliminating the 10% transaction fee that was previously divided equally between rewarding holders and supporting liquidity or burns.

Community members, via Decentralized Autonomous Organization (DAO) proposals, voted for the service model to switch to a 0% fee. This move aimed to make transactions more affordable and accessible, especially for new users.

However, the elimination of the fee also meant that holders would no longer receive passive income from the 5% fee that was distributed to holders with every transaction.

This aligns with BABYDOGE's broader focus on accessibility, adoption, and extending its ecosystem, which includes tools like BabyDoge Swap and NFT collections.

The potential for a zero-fee model to promote wider use of BABYDOGE has been a subject of discussion among community members, while some possessors prefer the redistribution and passive income potential of a fee model. Nonetheless, the community's excitement about burns and the hyper-deflationary character of the token continue to drive its price and generate buzz.

In addition to its token burning activities and community engagement programs, Baby Doge Coin is also known for its charitable contributions. The token has donated over $1.5 million to animal shelters, highlighting its mission of giving back and making a positive impact.

Among the donations, a contribution of $100,000 was made to Best Friends Animal Society in 2022.

Baby Doge Coin also holds the world record for donating the highest amount of dog food, with 81,000 pounds of dog food donated to date.

“Giving back to animal shelters is what our project is all about,” a Baby Doge Coin community spokesperson said, emphasizing the deeper meaning and purpose that drives the token's initiatives.

These efforts aim to appeal to supporters of the token, fostering loyalty, involvement, and a sense of belonging among community members.

The token burns are a crucial part of Baby Doge Coin's strategy to increase scarcity and drive up the token's price. To date, more than half of the token's total supply has been sent to a BNB Chain dead wallet, effectively removing the tokens from circulation.

Both manual and automated burns have been implemented to speed up the process of scarcity, which is one of the main elements of the latest price rally for Baby Doge Coin.

Furthermore, the token's listing on over 80 exchanges, including major platforms like Gate.io and OKX, has increased its exposure and accessibility to a wider range of traders and investors.

The use of the token on e-commerce platforms and payment systems like Shopify and WooCommerce further enhances its practicality and everyday usability.