Over $4 million worth of DOGS and NOT tokens were destroyed in a live-streamed token burn event attended by more than 100,000 viewers.
Dogs (DOGS) supply was reduced by 0.8%, while additional liquidity was allocated for charity and future development initiatives.
Both DOGS and NOT tokens continue to lose value, with prices dropping by 3.16% and 5.92%, respectively, despite the token burn event.
On Oct. 9, 2024, Dogs (DOGS) and Notcoin (NOT), two key tokens in The Open Network (TON) ecosystem, completed their first joint token burn. During this event, more than $4 million worth of DOGS and NOT tokens were permanently destroyed. The supply reduction for Dogs (DOGS) reached 4.78 billion tokens, which is about 0.8% of its circulating supply. This highly anticipated event was live-streamed, drawing over 100,000 viewers.
https://twitter.com/realDogsHouse/status/1844016208460517555
Charity and Future Initiatives
Besides reducing the supply of DOGS, the event also marked the final phase of a previous airdrop. After participants received their tokens, the DOGS community decided to distribute the remaining liquidity. A significant portion, around 6 billion DOGS, was directed toward charity projects, while another 7 billion DOGS will be used for future development initiatives. The remaining tokens were permanently sent to a burn address, reducing the overall supply of DOGS.
Community Response and Market Impact
Despite the excitement surrounding the burn, both tokens are currently experiencing declining prices. DOGS, which competes with popular meme coins like SHIB and DOGE, saw its price drop by 3.16%, slipping below the $0.0007 mark. Meanwhile, Notcoin (NOT) faced a more significant decline, with a 5.92% drop in value over the last 24 hours.
Meme Tokens in Decline
Despite the magnitude of the token burn, the broader cryptocurrency market continues to trend downward. Notcoin (NOT) has even lost its position as the 80th largest cryptocurrency by market cap, overtaken by Wormhole (W). Meanwhile, Dogs (DOGS) is at risk of falling out of the top 150 cryptocurrencies.
In addition to the price drops for DOGS and NOT, the overall cryptocurrency market has seen a 0.41% decline. While the burn event aimed to reduce supply and strengthen the value of these tokens, it seems the market's reaction has been subdued, with investors remaining cautious amid ongoing declines.
