Dogechain will burn the tokens on October 31.
Dogechain (DC) has confirmed that it will burn 80% of its total unreleased supply in a few days. The team behind Dogechain said 80% of its total unreleased supply of tokens, representing 800 billion DC tokens, will be sent to a burn address on October 31, 2022.
At Dogechain’s current exchange rate of $0.002296, the 800 billion DC tokens are worth $1.83 billion. The decision to burn the 800 billion units of DC comes after many Dogechain holders voted on a proposal for the team to incinerate 80% of its total unreleased supply of tokens.
The proposal’s voting exercise resulted in 99.99% of participants supporting the move to burn a large percentage of the token’s unreleased supply. Dogechain noted that a total of 560 million DC were locked, which surpassed the vote threshold.
“Vote passed – The Great Burn has been confirmed… The event will occur on Oct 31. 800 billion DC tokens will be sent to a burn address,” Dogechain said.
Vote passed – The Great Burn has been confirmed! 🔥 ✅
🗳Thank you for voting Shibes, the community locked more than 560 million $DC votes locked, passing the vote threshold.
The event will occur on Oct 31. 800 billion $DC tokens will be sent to a burn address. pic.twitter.com/5TdKRed0EV
— Dogechain💜 (Giving away a Tesla) (@DogechainFamily) October 28, 2022
DOgechain confirmed, “With a landslide victory FOR (99.9% YES), the Dogechain foundation will burn 80% of the total unreleased supply of tokens.”
DC Spike 43% Amid Widespread Adoption
Meanwhile, Dogechain’s plan to burn 80% of its unreleased total supply positively impacts the cryptocurrency’s price. Over the last 24 hours, DC has been up 43% and is trading at $0.002296.
Dogechain was launched on August 16, 2022. At the time of its launch, many investors saw it as a suitable Dogecoin rival, with some people describing it as a DOGE killer. The hype fueled the widespread adoption of DC. Those who missed out on Dogecoin’s impressive rally saw DC as an opportunity to partake in the meme coin frenzy.
Two weeks after its launch, DC spiked to an all-time high of $0.004627. At press time, Dogecoin’s market capitalization sits at $69.28 million, with a 24-hour trading volume of $27.53 million.
Less than three months after Dogechain launched, cryptocurrency exchanges have seen it as a force to reckon with, given its widespread popularity. According to Coingecko data, Dogechain is currently available to trade in 22 markets, including KuCoin and Gate.io, Huobi, and others.
Dogechain Records Positive Milestones Despite Early Controversies
It is surprising to see Dogechain record mind-boggling milestones despite its early controversies. As reported, the Dogechain team reportedly offered a $14 million fix to Dogecoin co-founder Billy Marcus, to promote DC. However, Marcus rejected the offer.Furthermore, a wallet linked to a Dogechain developer was caught dumping 1 million DC tokens in August. Interestingly, Dogechain has gone beyond these controversies and has continued to record tremendous growth in different aspects.
Earlier this month, Dogechain’s unique wallets surpassed 250k, with over 55 million cumulative transactions recorded on the network, with 1M daily transactions.