Dogechain (DC)has confirmed that it will burn 80% of its total unreleased supply in a matter of days. The team behind Dogechain said that 80% of the total unpublished token supply, representing 800 billion DC tokens, will be sent to a burn address on October 31, 2022. Following the announcement, the altcoin price started to rise. Details are here.
At Dogechain’s current price of $0.002296, 800 billion altcoins are worth $1.83 billion. The decision to burn 800 billion DC came after many Dogechain owners voted on the team’s burning proposal.
The voting run for the proposal resulted in 99.99% of respondents supporting the move to burn a large percentage of the token’s unreleased supply. Dogechain announced that a total of 560 million DCs were locked, which exceeded the vote threshold. noted.
The Dogechain team said, “Voted passed – Great Burn approved… The event will take place on October 31st. 800 billion DC tokens will be sent to a burning address.”
Two weeks after its launch, DC hit an all-time high of $0.004627. At press time, Dogecoin’s 24-hour trading volume is $29 million, up 254%. The altcoin tested the intraday low of $0.001606. However, it managed to climb as high as $0.002403, which represents a 49% increase. Although the altcoin lost some value afterward, it retains most of its gains and is trading at $0.0020.
As little as three months after Dogechain was launched, cryptocurrency exchanges saw the altcoin as a force to be reckoned with. According to Coinecko data, Dogechain can currently be used to trade on KuCoin and 22 exchanges, including Gate.io, Huobi, and others.
Dogechain Records Positive Milestones Despite Controversy
It’s surprising to see Dogechain record mind-blowing milestones despite its controversial debut.
Koinfinans.com As we reported, the Dogechain team has submitted a $14 million offer to Dogecoin co-founder Billy Marcus to promote DC. However, Marcus turned down the offer. Also, a wallet tied to a Dogechain developer was caught selling 1 million DC tokens in August. Interestingly, Dogechain went beyond these controversies and continued to record tremendous growth in different aspects.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.