Two prominent Telegram-based cryptocurrency projects, DOGS and NOT , are scheduled to conduct a joint token burn event on October 9, 2024. The event, which will be livestreamed on X (formerly Twitter), is a direct result of a community vote that decided the fate of unclaimed airdrop tokens.
Key Points:
* Community-Driven Decision: Both projects decided to burn a portion of their unclaimed airdrop tokens after a community vote.
* Token Burn Value: The total value of tokens to be burned is approximately $4 million, with DOGS contributing an estimated 4.8 billion tokens and $NOT contributing a portion as well.
* Charity Donations: $DOGS will also donate 6 billion unclaimed tokens, valued at around $4.5 million, to charitable causes such as animal welfare and child support.
* Deflationary Action: The token burn is aimed at reducing the overall token supply, creating scarcity, and potentially increasing the value of existing tokens.
* Partnership with $NOT: This is the first time NOT joined forces with $DOGS in a collaborative burn event.
* Social Responsibility: The charitable donations highlight both projects' commitment to giving back to the community and making a positive impact beyond the blockchain.
Why Burn Tokens?
The decision to burn a significant amount of tokens reflects $DOGS' dedication to decentralization and sustainable tokenomics. By reducing the overall token supply, the project aims to create scarcity and support the value of existing tokens. This deflationary action is designed to maintain the project's long-term ecosystem health, especially given its pledge not to issue new tokens in the future.
How the Token Burn Works
On October 9th, the unclaimed tokens from both DOGS and NOT be transferred to a "burn" address, permanently removing them from circulation. This deflationary strategy is central to creating scarcity in both token ecosystems and driving long-term value for active holders.
Impact on DOGS and NOT
The token burn event is expected to have a significant impact on both DOGS and NOT. By reducing the token supply, the projects aim to strengthen their position in the market and create long-term value for their holders. Additionally, the charitable donations demonstrate their commitment to social responsibility and community impact.
In Conclusion
The joint token burn event by DOGS and NOT is a significant milestone for both projects. It reflects their commitment to community-driven governance, sustainable tokenomics, and social responsibility. The event is expected to have a positive impact on the long-term value of both tokens and solidify their position in the cryptocurrency market.
