Notcoin and Dogs Community are preparing to burn $4 million in tokens, a move that highlights the growing popularity of Telegram-based gaming and memecoins.
According to a recent statement, following a community vote, the projects will burn approximately $4 million worth of $DOGS and $NOT tokens. This action aims to permanently reduce the overall supply of tokens for both initiatives. Additionally, a significant portion of the unclaimed $DOGS tokens will be donated to charitable causes as decided by the community.
As of 9:29 a.m. ET, the market cap of Notcoin's native NOT token exceeded $800 million, trading at $0.0078. The DOGS token's market cap is approximately $370 million, according to CoinGecko.
The Dogs Community has opted to burn 4.8 billion tokens, while donating around 6 billion unclaimed tokens to selected charities. This constitutes about 85% or $3.5 million of the total tokens being burnt.
Scheduled for Wednesday at 9 a.m. ET, this token burn signifies a crucial moment for both DOGS and NOT ecosystems. The reduction in supply is expected to yield potential long-term benefits for holders and engaged community members.
Notcoin is recognized as a pioneer in the tap-to-earn gaming model, facilitating numerous games on Telegram and the TON blockchain. The Dogs Community, inspired by Pavel Durov's mascot, Spotty, claims over 17 million on-chain token holders and 20 million social media followers. The DOGS token is actively listed on various crypto exchanges.
In recent times, both the TON blockchain and Telegram have emerged as popular platforms for new crypto projects aiming to grow their ecosystems.
