$DOGS and $NOT to Burn $4M Worth of Tokens in Landmark Community Event
Telegram-based crypto projects $DOGS and $NOT have announced their much-anticipated joint token burn event, scheduled for October 9, 2024, at 1 PM UTC. This event, driven entirely by community governance, will be live-streamed on the official $DOGS account on X (formerly Twitter). During the event, tokens worth approximately $4 million will be permanently removed from circulation, marking a key moment for both projects.
A Community-Led Initiative
The decision to burn these tokens followed a community vote regarding unclaimed airdrop tokens. The $DOGS project alone will burn an estimated 4.8 billion tokens, while $NOT will also contribute to the burn, bringing the total value of tokens removed from circulation to around $4 million. This burn is set to enhance token scarcity, potentially increasing the long-term value for holders of both $DOGS and $NOT.
Beyond the burn, $DOGS will donate 6 billion unclaimed tokens (worth about $4.5 million) to various charitable causes. These initiatives, chosen by the community, include organizations focused on animal welfare and child support, demonstrating $DOGS' commitment to social responsibility.
Why the Burn Matters
This token burn underscores $DOGS’ commitment to decentralization and sustainable tokenomics. As part of its governance model, the community was given the power to decide what should happen to the unclaimed airdrop tokens. The verdict was clear: burn a significant portion while donating the rest to charity.
By reducing the total supply of tokens, this deflationary action aims to bolster the value of remaining tokens by creating scarcity. With $DOGS pledging not to issue new tokens in the future, this burn event is a crucial step toward ensuring the project’s long-term stability and growth.
In a statement to BlockchainReporter, a $DOGS community representative noted, “This burn is a direct result of our community's decisions, reinforcing our decentralized approach and helping secure the value of $DOGS tokens as we continue to evolve.”
The Collaborative Burn with $NOT
While $DOGS has a history of token burns, this marks the first time $NOT has joined forces with $DOGS for a collaborative burn. This partnership reflects a growing trend in the crypto world, where community-driven projects are coming together to pursue shared goals, including token scarcity and decentralized governance.
Charitable Donations Strengthen Social Impact
In addition to the burn, the decision to donate unclaimed tokens further emphasizes $DOGS' commitment to giving back. With past contributions exceeding $300,000 to organizations like Save the Children and Animal Charity Evaluators, this new round of donations will strengthen $DOGS’ alignment with its core values of freedom, responsibility, and social impact.
How the Token Burn Will Unfold
On October 9th, the unclaimed tokens from both $DOGS and $NOT will be sent to a burn address, effectively removing them from circulation permanently. This move will reduce inflationary pressure and could drive long-term value for existing token holders.
For $DOGS, this event marks a pivotal moment in the project’s journey, demonstrating both its commitment to the community and its focus on sustainable growth. As token supply decreases, the project’s market position is expected to strengthen, especially as it continues to expand.
A Defining Moment for $DOGS and $NOT
This upcoming token burn, backed by community input, is expected to have far-reaching effects on both the $DOGS and $NOT ecosystems. The reduction in token supply may yield long-term benefits for holders while reinforcing the projects' focus on decentralization and community-driven governance. Moreover, the charitable donations highlight the commitment to making a positive impact beyond the world of crypto.
As a meme-based cryptocurrency inspired by Pavel Durov’s dog mascot, Spotty, $DOGS has grown into a leading player in the meme coin sector, boasting over 17 million on-chain holders and a robust social media following. Since its inception, $DOGS has been listed on several major cryptocurrency exchanges and continues to focus on decentralization, giving its community the power to shape the project’s future through initiatives like this token burn.
A Decentralized Future Awaits
As October 9th approaches, $DOGS and $NOT are gearing up for a milestone event that will leave a lasting impression on their communities. The combination of token burns and charitable contributions reflects a broader trend within community-led crypto projects, where sustainable tokenomics and social responsibility take center stage. The live-streamed event is expected to attract significant attention as both projects take another step toward a decentralized, community-driven future.
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