🔥 DOGS & NOT Burning Billions: Is It Really the Right Move? 💭
On October 9, 2024, at 1 PM UTC, a massive $4 million token burn for DOGS and not will take place, live-streamed on X (formerly Twitter). This burn was voted on by the community, showcasing impressive transparency from the devs. Instead of keeping the unclaimed tokens, they chose to involve the community, and we decided to burn them.
But is burning billions of tokens the right move? Let’s break it down.
Pros of the Burn 🔥
1. Lower Supply, Higher Demand – The burn reduces the token supply, which could boost the price over time.
2. Community Involvement – This decision was made by the community, building trust in the project.
3. Transparency – Live-streaming the event is a win for openness in the crypto world.
The Risks 🤔
1. No Guaranteed Price Increase – While fewer tokens can lead to price hikes, not every project benefits from burns. Some, like Terra Luna, see spikes, but others fall flat.
2. DOGS and NOT Are New – These projects are still young. The burn might not have the expected impact on price and could lead to disappointment.
Ethical Concerns 🚨
The article also brings up a deeper issue: what if, instead of burning, we donated the tokens to charity? But that raises ethical questions. If these unclaimed tokens came from sketchy sources, donating them could harm charities' reputations.
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