Tomorrow, October 9, Dogs (DOGS) and Notcoin (NOT) will jointly burn $4 million worth of tokens that have remained unclaimed since both projects distributed tokens in airdrops on Telegram.

This event has sparked speculation about the potential impact on their respective prices. As the community awaits this moment, BeInCrypto examines how demand and supply dynamics could affect NOT and DOGS.

Telegram Coin Event Excites Community

Both Notcoin and Dogs have decided to burn their tokens after receiving community approval. To encourage participation, the official Telegram channels of these native projects have announced that the event will be broadcast live on X at 10 am ET.

For context, projects perform token burns by permanently removing tokens from circulation to increase scarcity and potentially boost the long-term value of their cryptocurrencies. In total, DOGS will burn 4.8 billion tokens, while Notcoin will contribute the remainder, totaling approximately $4 million.

Read more: Notcoin (NOT): A Complete Guide to the Telegram-Based Game

However, it is important to note that Dogs and Notcoin were not launched in the same period. While Notcoin distributed over 80 billion tokens via an airdrop on Telegram in June, Dogs distributed around 400 billion tokens to eligible users.

Weighted Sentiment of Notcoin, Dogs. Source: Santiment

DOGS is currently trading at $0.00072, down 55% from its launch price. Notcoin’s price has fallen 46% since its all-time high. Despite this, the Weighted Sentiment around the projects has increased, suggesting that the community at large is optimistic about the event.

Meanwhile, a DOGS representative spoke to BeInCrypto about the recent decision surrounding their event. The representative clarified that the decision-making process was transparent, with every token holder having the opportunity to participate.

However, they noted that there was a collective decision not to burn all unredeemed airdrop tokens, indicating that this choice was made with community input and based on majority consensus.

“Rather than opting for short-term gain by burning all (or at least a larger proportion of) the unredeemed tokens — which would likely have boosted the immediate value — our community voted to allocate a significant portion of these tokens to charitable causes,” the spokesperson told BeInCrypto.

DOGS and NOT prices aim to skyrocket

An analysis of the 4-hour chart shows that the DOGS price is attempting to climb above the descending triangle, characterized by a flatter horizontal trendline and a descending one. When the price breaks below the horizontal trendline, the token in question may undergo another correction.

On the other hand, if the price breaks above the descending trendline, a rally is in order. As seen below, the price of DOGS is well above the horizontal and could rise beyond the triangle. The Relative Strength Index (RSI), which measures momentum, also supports this prediction as it is above the zero signal line.

Dogs 4-hour Price Analysis. Source: TradingView

Should this remain the case after the token burn, DOGS could jump to $0.00088 and likely reach $0.0010 afterward. The prediction could, however, be invalidated if the token retraces to the horizontal line at $0.00068.

Meanwhile, Notcoin’s market structure on the daily chart is similar to DOGS’s technical setup. From the chart below, NOT’s price is attempting to break above the $0.0085 resistance. If successful, Notcoin’s price could bounce to $0.11 and eventually $0.014. However, if the token fails to climb above the overhead resistance, a drop to $0.0072 could be possible.

Notcoin Daily Price Analysis. Source: TradingView

Meanwhile, the Dogs team noted that it will donate the remaining 6 billion unclaimed Telegram airdrop tokens to charitable causes related to children and animals.

“All donations made have always been and will always be clearly presented to the community, ensuring accountability. The most active members of the community will in the future be able to participate in real-life charitable initiatives,” added the project representative.

The article Dogs and Notcoin will burn unredeemed airdrop tokens – What will be the impact on the price? appeared first on BeInCrypto.