As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen countless token burn events and their impact on asset prices. However, the recent joint token burn event between Dogs (DOGS) and Notcoin (NOT) on The Open Network (TON) left me somewhat underwhelmed.
In a recent development, two significant digital currencies within The Open Network (TON) platform, Dogs (DOGS) and Notcoin (NOT), have concluded their initial joint token destruction event. However, the response from the community appears lukewarm, as both digital assets are currently experiencing a decline in value.
Dogs (DOGS), Notcoin (NOT) completed first token burn, billions of tokens destroyed
On October 9th, 2024, at 1:00 p.m. UTC, the Dogs (DOGS) and Notcoin (NOT) teams, who are associated with TON-based cryptocurrencies, started their first token destruction processes. In all, more than $4 million worth of DOGS and NOT tokens were permanently removed from circulation.
Approximately thirty minutes ago, team reps verified that both events were successfully wrapped up. The canine-themed cryptocurrency (DOGS) saw a reduction in supply by approximately 4,782,643,870 coins, which is nearly 0.8% of its total circulating supply.
The live-streaming of the event attracted more than 100,000 viewers, making it quite probable that this cryptocurrency incident was extensively monitored, ranking among the most observed in the crypto world.
As a researcher studying the cryptocurrency landscape, I’m currently following the exciting culmination of the airdrop event for Dogs (DOGS), a promising competitor in the market alongside SHIB and DOGE. Once the airdrop recipients have claimed their rewards, the community has wisely chosen to distribute the remaining liquidity among several noble causes. This includes charitable initiatives, further development funding, and a token burn program aimed at increasing the value of each remaining Dogs token in circulation.
In total, 6,067 billion dollars were donated to charities, 7 billion dollars will be allocated for future development projects, and the remainder was sent to an address intended to destroy the coins.
TON meme coins in red despite massive event
Regardless of the positive sentiment towards the token burns for TON and DOGS within the community, these assets have struggled to recover from a prolonged price decline over several weeks.
Today, the cost of Dogs (DOGS) fell by 3.16%, dropping beneath the $0.0007 mark, whereas Notcoin (NOT) experienced a decline of 5.92% over the past 24 hours.
In the midst of the current market downturn, I find myself observing a shift in positions within the crypto realm. Specifically, Wormhole (W) has managed to displace Notcoin (NOT) as the 80th largest cryptocurrency by market capitalization. On the other hand, DOGS seems to be teetering on the edge of losing its spot among the top 150 digital currencies.
The total capitalization of the cryptocurrency market is down by 0.41% today.
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2024-10-09 18:45