amberrrr789
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Stay Tuned with MEXC Global
It appears that the dogecoin-related initiative is once again receiving support from its community. Dogechain, the DOGE community-focused layer 2, posted an announcement on their weekly Twitter spaces on Friday, October 21st, proposing an 80% burn of their native coin DC. The team was preparing a vote to gather community input on reducing the total supply of $DC, according to key contributor Roc Zacharias.
Dogechain Token (DC) 30-Min Price (Source: TradingView)
Following the announcement, the price of DC increased by almost 217.1% in just 72 hours, peaking at $0.0019704. As of this writing, the price of DC is approximately $0.001689, having reached a high of $0.0017689, an increase of 71.75% in just 5 days. I certainly did not anticipate such a price increase for a new project that was launched in August of this year.
Put simply, if the proposed burn is allowed and 80% of the supply is obliterated, it will be the largest burn in the history of cryptocurrencies. To further explain, it will eliminate from the chain more than $1 billion in Fully Diluted Market Cap (FDV) at the current value.
In the recent months, I'm sure many of you have heard of Terra Luna's tax burn mechanism, which works over a long period of time to burn LUNC. Unexpectedly, the Dogechain burn will happen right away. A decision for affirmative governance will result in the simultaneous burning of all 80% of the fuel. Participate in and follow the voting process here.
Final Thoughts
Dogechain has had a very active start, with metrics that are on par with or better than some of the most successful chains' openings. I'm interested to see whether or not the community will approve the DC burning idea. Encouraged by its growing community support and dwindling supply, Dogechain will continue to strive to become the top-dog cryptocurrency if the metrics continue to improve and the vote is successful.
It appears that the dogecoin-related initiative is once again receiving support from its community. Dogechain, the DOGE community-focused layer 2, posted an announcement on their weekly Twitter spaces on Friday, October 21st, proposing an 80% burn of their native coin DC. The team was preparing a vote to gather community input on reducing the total supply of $DC, according to key contributor Roc Zacharias.
Dogechain Token (DC) 30-Min Price (Source: TradingView)
Following the announcement, the price of DC increased by almost 217.1% in just 72 hours, peaking at $0.0019704. As of this writing, the price of DC is approximately $0.001689, having reached a high of $0.0017689, an increase of 71.75% in just 5 days. I certainly did not anticipate such a price increase for a new project that was launched in August of this year.
Put simply, if the proposed burn is allowed and 80% of the supply is obliterated, it will be the largest burn in the history of cryptocurrencies. To further explain, it will eliminate from the chain more than $1 billion in Fully Diluted Market Cap (FDV) at the current value.
In the recent months, I'm sure many of you have heard of Terra Luna's tax burn mechanism, which works over a long period of time to burn LUNC. Unexpectedly, the Dogechain burn will happen right away. A decision for affirmative governance will result in the simultaneous burning of all 80% of the fuel. Participate in and follow the voting process here.
Final Thoughts
Dogechain has had a very active start, with metrics that are on par with or better than some of the most successful chains' openings. I'm interested to see whether or not the community will approve the DC burning idea. Encouraged by its growing community support and dwindling supply, Dogechain will continue to strive to become the top-dog cryptocurrency if the metrics continue to improve and the vote is successful.
