Joint Burn Event for $DOGS & $NOT Tokens

On 9 October, Dogs (DOGS) and Notcoin (NOT) will collectively burn $4 million worth of unclaimed tokens from their Telegram airdrops.

This significant move has raised questions about its potential effect on the price of both tokens, sparking speculation among investors and community members alike.

Community Green Lights Token Burn of Notcoin and DOGS

Both Notcoin and Dogs have moved forward with their token burn after receiving approval from their respective communities.

To boost engagement, the projects have announced that the event will be streamed live on the $DOGS account on X (formerly known as Twitter) at 1 pm UTC.

According to Dogs Community, "the link will be shared closer to the event.”

Token burning, a practice where cryptocurrencies are permanently removed from circulation, is often employed to increase scarcity and potentially drive long-term value.

Dogs will burn 4.8 billion tokens, while Notcoin will burn the remainder, totalling around $4 million in value.

Notably, the two projects did not launch simultaneously.

Notcoin distributed over 80 billion tokens in a June Telegram airdrop, while Dogs gave out approximately 400 billion tokens.

A representative from Dogs emphasized that the decision to burn tokens was made transparently, with token holders given the chance to vote.

Importantly, the decision not to burn all unclaimed airdrops reflects community input, based on a majority consensus.

The spokesperson explained:

“Instead of opting for a short-term gain by burning all (or at least a higher proportion of) unclaimed tokens — which would have likely boosted immediate value — our community voted to allocate a significant portion of these tokens to charitable causes.”

Additionally, Dogs has committed to donating 6 billion unclaimed tokens, worth about $4.5 million, to charities supporting children and animals.

The project's representative added:

“All the donations made have always been and will always be clearly presented to the community ensuring accountability. The most active community members will in the future be able to take part in real-life charity initiatives.”

Generally Bullish Sentiment about the Joint Token Burn

Currently, DOGS is trading at $0.0007315, reflecting a 55% drop from its launch price and a 0.47% decline over the past 24 hours, according to CoinMarketCap.

However, it has seen a 13.04% rise over the past week.

Similarly, Notcoin is down 46% from its all-time high, currently valued at $0.00785, with a 3.47% decrease in the last 24 hours but a 4.34% increase over the week, according to CoinMarketCap.

Despite these fluctuations, the weighted sentiment for both projects has surged, indicating a growing sense of optimism within the broader community ahead of the event.