$DOGS and $NOT Set to Burn Tokens Worth $4M in Community-Led Event

Telegram-based crypto projects $DOGS and $NOT have officially announced their highly anticipated joint token burn event. The event, driven by community governance, is scheduled for October 9, 2024, at 1 PM UTC and will be live-streamed via the official $DOGS account on X (formerly Twitter). This strategic move will see a substantial number of tokens permanently removed from circulation, totaling approximately $4 million in value.

A Community-Driven Decision

Both $DOGS and $NOT are engaging in the token burn after a community vote determined the fate of unclaimed airdrop tokens. The $DOGS project, in particular, will burn an estimated 4.8 billion tokens, while $NOT will contribute to the event, bringing the total token value removed from the market to around $4 million. This burn represents a crucial moment in both projects’ histories, aiming to enhance token scarcity and potentially bolster long-term value for token holders.

In addition to the burn, $DOGS will donate about 6 billion unclaimed tokens, valued at around $4.5 million, to charitable causes. These donations will target community-selected initiatives such as animal welfare and child support, reinforcing $DOGS’ commitment to social responsibility.

Why Burn Tokens?

The decision to burn such a large volume of tokens reflects $DOGS’ dedication to decentralization and sustainable tokenomics. As part of its governance model, $DOGS allowed its community to vote on what should happen to the unclaimed tokens from its initial airdrop. The outcome was clear: burn a portion of these tokens and donate the rest to charitable causes.

This deflationary action, reducing the overall token supply, is designed to support the value of existing tokens by creating scarcity. Given that $DOGS has pledged not to issue new tokens in the future, this burn event is a key step in maintaining the project’s long-term ecosystem health.

“The upcoming burn event is a direct reflection of the choices made by our community,” said a community representative for $DOGS in an official statement to BlockchainReporter. They added, “This burn not only reinforces our decentralized values but also helps ensure that the value of $DOGS tokens remains strong as we move forward.”

Collaborative Burn with $NOT

While $DOGS has led the way in token burns through previous initiatives, this will mark the first time $NOT has joined forces with $DOGS in a collaborative burn event. This partnership underlines a growing trend in the crypto space where meme tokens and community-led projects join forces to advance common goals, such as token value sustainability and decentralized governance.

Charity Donations Strengthen Social Responsibility

Alongside the burn, the decision to donate 6 billion unclaimed $DOGS tokens to charity marks a continued focus on giving back. The $DOGS community previously contributed over $300,000 to charitable organizations such as Save the Children and Animal Charity Evaluators. This latest donation drive strengthens the project’s alignment with its core values of freedom, self-expression, and responsibility.

Causes such as animal welfare and child support were highlighted during community voting, demonstrating the values of $DOGS’ passionate holders. By contributing to these charitable initiatives, $DOGS hopes to foster a sense of impact beyond the blockchain.

How the Token Burn Works

On October 9th, the unclaimed tokens from both $DOGS and $NOT will be transferred to a “burn” address—an irreversible move that removes the tokens from circulation permanently. This deflationary strategy is central to creating scarcity in both token ecosystems, driving long-term value for active holders while eliminating inflationary pressure.

For $DOGS, this burn event is a defining moment that signals not only the project’s commitment to its community but also its dedication to a sustainable, decentralized future. The reduced supply may help to strengthen the project’s position in the market as it continues to grow.

A Pivotal Moment for $DOGS and $NOT

The upcoming token burn, driven by community input, is expected to bring substantial changes to the $DOGS and $NOT ecosystems. As both projects reduce their token supply, the long-term benefits of this deflationary action will likely be felt by holders and active community members. Furthermore, the charitable donations show both projects’ dedication to making a positive impact beyond crypto.

$DOGS is a meme-based cryptocurrency that draws inspiration from Pavel Durov’s famous dog mascot, Spotty. With over 17 million on-chain token holders and a social media following of 20 million, $DOGS has emerged as a major player in the meme coin world.

Since its inception, it has been listed on multiple major cryptocurrency exchanges, all while maintaining a focus on community-driven decision-making and social responsibility. The project emphasizes decentralization, giving power to its community to shape its future through votes and decisions like the upcoming token burn and charitable donations.

A Decentralized Future

With the token burn event just days away, both $DOGS and $NOT are gearing up for a moment that will resonate throughout their communities. As October 9th approaches, the burn and donation plans highlight a growing trend in community-led crypto projects: prioritizing sustainable tokenomics and charitable giving while reducing supply to create long-term value.

This burn event is a reminder of the power of community governance and the ongoing commitment of projects like $DOGS and $NOT to decentralization. The live-stream event is expected to draw considerable attention, with viewers tuning in to witness a pivotal moment in the evolution of these popular Telegram-native projects.

Source