DOGS (DOGS) and Notcoin (NOT) will jointly burn $4 million worth of unclaimed tokens from their recent Telegram airdrop initiatives. This highly anticipated event, scheduled for October 9, has led to considerable speculation regarding its potential impact on the prices of both altcoins.
Both projects received overwhelming support from their communities to proceed with the token burn. The event will be streamed live on X (formerly Twitter) at 1 p.m. UTC, encouraging community participation.
Token burning is a strategy used to permanently remove tokens from circulation, thereby enhancing scarcity and potentially increasing long-term value. In this instance, DOGS plans to burn 4.8 billion tokens, while Notcoin will handle the remainder, summing up to approximately $4 million.
It’s important to note that DOGS and Notcoin were launched at different times. Notcoin distributed over 80 billion tokens in its June airdrop, while DOGS allocated around 400 billion tokens to eligible users.
Currently, DOGS is trading at $0.00072, reflecting a 55% decrease from its initial launch price. Notcoin has experienced a 46% decline from its all-time high. Despite these challenges, the weighted sentiment surrounding both projects has surged, indicating a bullish outlook among the community.
A DOGS representative confirmed to BeInCrypto that the decision to burn tokens was made transparently, allowing all token holders to participate. However, it was collectively decided not to burn all unclaimed tokens, indicating a community-driven consensus.
The upcoming token burn event for DOGS and Notcoin is generating excitement within the crypto community, with many anticipating its effects on market dynamics.
