Dogs ($DOGS) and #Notcoin (NOT), the two main cryptocurrencies of The Open Network (TON) ecosystem, have just completed their first joint token burn event. So far, it seems the community is not impressed with the impact of this action, as both assets are losing value.
Today, October 9, 2024, at 1:00 PM UTC, the Dogs (DOGS) and Notcoin (#NOTđ„đ„đ„) teams, TON-based cryptocurrencies, initiated their first token burn events. In total, over $4 million in DOGS, NOT equivalents were permanently destroyed.
About half an hour ago, a team representative confirmed that both events had been successfully completed. The supply of Dogs (DOGS) has decreased by 4,782,643,870 coins, which is nearly 0.8% of its total circulating supply.
The event was streamed live to over 100,000 viewers, which could make this coin burn one of the most watched crypto events.
For Dogs (DOGS), a competitor to TON #SHIBŰ and DOGE, the event was the final stage of the much-anticipated airdrop. After airdrop participants received their share, the community decided to share the remaining funds between charity initiatives, funding further development, and a token burn program.
A total of 6,067,155,960 DOGS were spent on charity and 7,021,719,223 DOGS will be used for future development initiatives, while the remaining funds will be sent to a burn address.
Memecoin TON Turns Red Despite Major Event
Despite the positive sentiment from the community regarding the token burn events of TON and DOGS, both assets have not escaped the multi-week bearish trend. Dogs (DOGS) price lost 3.16% today and dropped below $0.0007, while Notcoin (NOT) has dropped 5.92% in the past 24 hours.
Amid this decline, Notcoin (NOT) has been replaced by Wormhole (W) to become the 80th largest cryptocurrency by#marketcap, while DOGS is about to lose its spot in the top 150. The total cryptocurrency market capitalization is down 0.41% today.
