Coinspeaker
Baby Doge Coin (BABYDOGE) Price Surges 15% after New DAO Proposal to Eliminate Transaction Tax
Baby Doge Coin (BABYDOGE), a fast-growing meme coin based on the BNB Chain and Ethereum network, has made several headlines amid a bearish crypto outlook. The small-cap meme coin, which thrived from a tweet by tech billionaire Elon Musk, rallied as much as 16 percent in the past 24 hours to trade around $0.000000002 on Thursday during the mid-London session.
The notable spike of BABYDOGE price against the US dollar is directly attributed to the new DAO proposal to eliminate transaction taxes. Remarkably, the BABYDOGE community overwhelmingly supported the DAO proposal with over 99 percent.
Furthermore, BABYDOGE meme coin has been charging crypto traders 10 percent as transaction fees to enable the monthly burns in addition to funding its ecosystem. The elimination of transaction tax will enable BABYDOGE to compete with other top-tier meme coins in the confirmed crypto bull cycle.
“Lowering fees to 0% may make Baby Doge more accessible to a wider user base. A 0% fee may encourage more frequent usage and transactions. A 0% fee structure positions Baby Doge as a more attractive option compared to other memes with higher transaction costs, potentially drawing in new user adoption and use cases,” the DAO proposal noted.
What Next for Baby Doge Coin
If the new DAO proposal goes through, which is the most likely outcome, BABYDOGE will not have its monthly burns. As of this report, the BABYDOGE burn address has around 51.5 percent of the total circulating supply, worth approximately $426 million.
“After testing the lowering of the fees on the Ethereum chain, we have seen demand for the same reduced fees on the BNB chain. There will not be burns each month,” the proposal further added.
Meanwhile, the team announced it will be accessing the token vesting account with around 14.1 percent supply of BABYDOGE, worth approximately $117 million. The DAO proposal noted that the funds will be used for new team members to grow the ecosystem.
Nonetheless, the BABYDOGE team noted that the proposal will initiate a new era for the meme coin, which entails a community-driven approach. Furthermore, each meme coin project aims to achieve as much decentralization as possible as Dogecoin (DOGE) or Bitcoin(BTC).
Market Picture
The small-cap meme coin, with a fully diluted valuation of about $881 million and a daily average traded volume of around $17 million, is on the cusp of retesting its all-time high (ATH). Notably, the BABYDOGE price recently broke out of a falling macro logarithmic trend and is currently retesting it.
In case the new DAO proposal goes through, the BABYDOGE project will be in a better position to compete with other meme coins like Floki (FLOKI) and Pepe (PEPE).
Baby Doge Coin (BABYDOGE) Price Surges 15% after New DAO Proposal to Eliminate Transaction Tax