The post $DOGS and $NOT Set to Burn Tokens Worth $4M in Community-Led Event appeared on BitcoinEthereumNews.com.

Telegram-based crypto projects $DOGS and $NOT have officially announced their highly anticipated joint token burn event. The event, driven by community governance, is scheduled for October 9, 2024, at 1 PM UTC and will be live-streamed via the official $DOGS account on X (formerly Twitter). This strategic move will see a substantial number of tokens permanently removed from circulation, totaling approximately $4 million in value. A Community-Driven Decision Both $DOGS and $NOT are engaging in the token burn after a community vote determined the fate of unclaimed airdrop tokens. The $DOGS project, in particular, will burn an estimated 4.8 billion tokens, while $NOT will contribute to the event, bringing the total token value removed from the market to around $4 million. This burn represents a crucial moment in both projects’ histories, aiming to enhance token scarcity and potentially bolster long-term value for token holders. In addition to the burn, $DOGS will donate about 6 billion unclaimed tokens, valued at around $4.5 million, to charitable causes. These donations will target community-selected initiatives such as animal welfare and child support, reinforcing $DOGS’ commitment to social responsibility. Why Burn Tokens? The decision to burn such a large volume of tokens reflects $DOGS’ dedication to decentralization and sustainable tokenomics. As part of its governance model, $DOGS allowed its community to vote on what should happen to the unclaimed tokens from its initial airdrop. The outcome was clear: burn a portion of these tokens and donate the rest to charitable causes. This deflationary action, reducing the overall token supply, is designed to support the value of existing tokens by creating scarcity. Given that $DOGS has pledged not to issue new tokens in the future, this burn event is a key step in maintaining the project’s long-term ecosystem health. “The upcoming burn event is a direct…

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Filed under: News - @ October 8, 2024 12:28 am