Notcoin (NOT) and Dogs Community, two prominent Telegram-based crypto projects, are reportedly considering a significant token burn that could amount to approximately $4 million in value. According to community discussions, this initiative may involve reducing the circulating supply of both tokens through a coordinated burning event.
Understanding the Proposed Burn
If implemented, the plan could involve burning approximately 4.8 billion DOGS tokens from Dogs Community, which would represent a substantial portion of the proposed reduction. Sources suggest that an additional 6 billion unclaimed DOGS tokens might be allocated for charitable donations, though these details are still being finalized.
Current market data indicates that Notcoin's market value has reached approximately $790 million, with NOT tokens trading around $0.0077. Meanwhile, Dogs Community's DOGS token maintains a market value of roughly $375 million, though these figures are subject to market fluctuations.
Potential Impact for Token Holders
Should the burn proceed as discussed, it would likely take place at 13:00 UTC time on Wednesday, though the exact timing may be subject to change. Token burns typically aim to address supply concerns, and this initiative could potentially influence market dynamics for both tokens.
Project Overview
Notcoin has established itself as a notable player in the gaming ecosystem on Telegram and the TON blockchain. Dogs Community, whose memecoin draws inspiration from Telegram founder Pavel Durov's dog Spotty, reports a substantial user base with numerous token holders and a growing social media presence.
The Telegram and TON blockchain ecosystem continues to attract various crypto initiatives, highlighting the emerging role of community-driven governance in token economics.
