- Dogechain (DC) is 24.5% up in the last 24 hours, now trading around $0.00285350.
- The Dogechain community took an initiative, “The Great Burn” community vote from October 23 to 28.
Dogechain (DC), the governance token of the Proof-of-Stake (PoS) based Dogechain ecosystem, is witnessing a dramatic price surge during the past few days. The meme-based coin, DC, has increased by approximately 452.0% in the week, as per CoinGecko.
During the period of the market downtrend, Dogechain struggled to survive in the global cryptocurrency market. The token hit its all-time low in the last week, registered at $0.00035975 on October 21. However, with the tremendous price up, Dogechain is currently on pace to achieve its all-time high of $0.00462755.
At the time of writing, Dogechain (DC) is trading around $0.00285350 with a one-day trading volume of $33,156,383. The token has increased by nearly 24.5% during the last 24 hours.
A Proposal To Burn DC Supply
The Dogechain developers have recently recommended a dramatic reduction in the supply of digital assets. Following this, the Dogechain community embraced the developer’s proposal and took an initiative, “The Great Burn” community vote from October 23 to 28.
According to the Dogechain community, the proposal determines whether the total supply of $DC tokens should be cut by 80% proportionally across all allocations and whether the vesting duration of the remaining Early Shibes airdrop should be reduced from 48 to 6 months.
Following the closing of voting, the DC community tweeted:
Thank you for voting Shibes, the community locked more than 560 million $DC votes locked, passing the vote threshold… With a landslide victory FOR (99.9% YES), the #Dogechain foundation will burn 80% of the total unreleased supply of tokens.
Dogechain, a smart contract platform built on Polygon Edge, made its debut on August 23. Initially, it was intended for users to stake $wDOGE to gain $DC, but this plan was dropped when it was determined that this would stifle natural chain activity and only benefit the largest holders.
Interestingly, DC has increased by nearly 462.9% in the last two weeks and 279.0% up in the last 30 days.