- CoinEx exchange suffered a major exploit on 12th September, $54 million worth of cryptocurrency was drained from affected wallets
- Baby DogeCoin (BABYDOGE) has launched a new governance proposal, token holders can vote to postpone or proceed with the latest burn initiative
- BABYDOGE fell 19% after the exploit but has since held strong, the algorithm forecasts positive price action over the coming months
BABYDOGE community debates token burn, aims to protect token holders against further losses of liquidity
CoinEx exchange was the subject of a $54 million exploit on 12th September 2023. The Samoa-based platform had a security issue that resulted in several hot wallets being drained by hackers, including up to $3 million worth of BABYDOGE tokens.
Baby Doge Coin (BABYDOGE) had been planning the next phase of its token burn initiative before the exploit took place. The community planned to remove 5 quadrillion BABYDOGE from circulation as part of an ongoing effort to boost deflationary pressure.
In the wake of the exploit, Baby Doge has made a new governance proposal to its community. All BABYDOGE token holders have been encouraged to cast their vote on whether or not the project should go ahead with the burn initiative.
In light of the recent CoinEx exploit that impacted baby doge we wish to reconfirm again that the community still wishes to proceed with the latest proposal that was created prior to the exploit.
Please review and submit your vote here: https://t.co/aS7tJEtILk
— Baby Doge (@BabyDogeCoin) September 15, 2023
The proposal states that by inducing further losses of liquidity via the token burn, the BABYDOGE token could see some adverse price action in the short term. This extra volatility might counteract any positive impact from the burn initiative, so the community has been given the chance to decide whether it should be postponed.
So far, more than 60% of all votes have been in favor of postponing the token burn. The proposal will run until 22nd September 2023 — any BABYDOGE token holders who haven’t voted yet can do so by heading to the proposal here.
BABYDOGE 3.13% up today, algorithm forecasts impressive long-term price action
BABYDOGE fell 19% in the aftermath of the CoiEx exploit, but it has since managed to hold steady. Today, the token climbed 3.13% in value — while it’s undoubtedly a decent jump, BABYDOGE’s average volatility is often greater than this. As far as the bigger picture is concerned, BABYDOGE remains some way down from its pre-exploit price level.
However, things may be starting to look up for BABYDOGE. Today’s price action may have just flipped an important resistance level that was formed directly after last week’s crash. The $0.00000000094 price level has held strong after BABYDOGE repeatedly struggled to break through earlier in the week. This could signal that further upside is on the way.
The CoinCodex price prediction algorithm is bullish on the long-term prospects of BABYDOGE. The 2025 forecasts show a major move to the upside towards the end of 2024, forming a new all-time high in the process.
Bottom line: The BABYDOGE community shows strength in light of recent events
BABYDOGE has placed its strong community ethos front and center in the aftermath of the CoinEx exploit. While the project seeks to protect its 2 million token holders from any further downside, the long-term outlook projected by the CoinCodex algorithm remains positive.
If BABYDOGE can successfully recover from its post-exploit crash, then the burn initiatives and strong community ethos could help drive the token to new heights during more bullish market conditions.