The Memecoin Baby Doge community has put forward a proposal to wipe out 5 trillion tokens from their circulating inventory on Binance Smart Chain (BSC).
The dog-themed memecoin is attempting to burn more than 5 quadrillion BabyDoge tokens from its circulation into the ecosystem, depending on the current liquidity situation and market dynamics.
It intends to burn up the token supply from BDSwap pools through excess liquidity. Although it aims to maintain stable liquidity, it still holds over 178,000 LP tokens in the market after burning the recommended token amount.
The proposal highlights that its liquidity ratio exceeds the benchmarks outlined in the Ape Swap liquidity ratings and industry averages for the memecoin market.
“Our plan ensures that we maintain a minimum balance of 180,000 Cake LP tokens, thus maintaining a healthy liquidity ratio,” the proposal reads, noting that liquidity in excess of this minimum balance could potentially be burned.
It also states that in June 2021, 90,000 LP tokens have already been burned and it is now planned to burn surplus LP tokens every month. With that, the proposal envisages wiping an estimated 5 trillion tokens from its circulating inventory.
Currently 99.95% of the votes are in favor of the proposal and voting runs until September 8th. If this proposal is accepted, the cremation will take place on October 1st and every next month thereafter. This initiative aims to burn over 50% of supply.
Also Read: Shibarium Reaches 1 Million Wallets as Millions of SHIB Are Burned
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