The memecoin Baby Doge’s community has introduced a proposal to burn 5 quadrillion tokens from its circulating supply on Binance Smart Chain (BSC).
The dog-themed memecoin is seeking to burn 5+ quadrillion BabyDoge tokens from its circulation following the current liquidity position and market dynamics into the ecosystem.
It intends to burn the token supply from BDSwap pools through surplus liquidity. While it aims to maintain robust liquidity, it still keeps over 178k LP tokens in the market after burning the recommended token amount.
The proposal highlights that its liquidity ratio surpasses the benchmarks outlined in Ape Swap liquidity ratings and industry averages, for the memecoin market.
“Our plan ensures that we maintain a minimum balance of 180k Cake-LP tokens, thereby sustaining healthy liquidity ratio levels,” the proposal states with it citing that liquidity exceeding this minimum balance may potentially be burned.
It also states that 90k LP tokens are already burned in June, 2021 and now its planning to burn excess LP tokens on a monthly basis. WIth this, the proposal plans to burn an estimated 5 quadrillion tokens from its circulating supply.
Currently, 99.95% votes are in favor of the proposal and voting is live till 8th September. If this proposal is passed, the burn will be carried out on 1st October and every next month onwards. This initiative is set to burn over 50% of the supply.
Also Read: Shibarium Hits 1 Million Wallets as Millions of SHIB Burn
