The DOGS community has called on its members to vote on the future of the 17.7 billion unclaimed tokens. The vote allows token holders to choose one of three options: burn the coins, donate them to charity, or add them to the projectâs treasury for future development.
Each choice has potential consequences for the future of the token, particularly in terms of overall supply and market dynamics. As of September 24, voting is taking place via a small application on the DOGS platform. Initial results show that 56.8 million DOGS tokens have been voted to be allocated to the treasury, 12.3 million tokens to charity, and 11.6 million tokens to be burned.
Each option has its own implications and the outcome will likely impact DOGSâ future price behavior and market position. Token burning will reduce the circulating supply, which can have an inflationary effect by increasing scarcity, potentially driving up the value of the token.
Conversely, adding tokens to the treasury for future development will keep the supply stable. While this does not immediately affect token scarcity, the treasury option can help fund long-term development.
DOGS Token Price Analysis â What Could Happen Next?
As of September 24, 2024, DOGS coin price is trading at $0.0008530, reflecting a 1.18% decrease in the last hour. The token is currently moving within a descending price channel, signaling bearish momentum.
DOGS is trading below the 9-period simple moving average (SMA) at $0.0008566, reinforcing this bearish trend.
The relative strength index (RSI), a key momentum indicator, is at 46.08, indicating neutral market conditions. This suggests that DOGS is neither overbought nor oversold, but the overall market sentiment remains bearish, with the price hovering near the support level of $0.0008497. A break below this level could lead to further declines. On the other hand, if the price breaks above the resistance level of $0.0008566, it could signal a potential reversal in the short term.
