Monday, December 5, 2022
HomeCrypto NewsMarketDogechain All Set To Burn 80% Of DC Total Supply

Dogechain All Set To Burn 80% Of DC Total Supply

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Dogechain community members support a proposal to burn 80% of the token’s total supply.

An ongoing proposal to burn 80% of Dogechain’s (DC) total supply has reached its threshold, the team behind the project noted in an announcement. The proposal to burn 80% of the token’s total supply was created on October 23, 2022, at 3 AM (UTC).

So far, most participants in the exercise largely opted in favor of the burn initiative. 99.98% of the total votes, representing 562,228,659 DC, voted to support the proposals to burn 80% of the total supply.

Although the voting has reached its threshold, the Dogechain team still asked the community to continue voting until October 28, 2022, when the exercise is expected to end.

“The more, the merrier! Continue voting at until 3 AM UTC on Oct 28th to strengthen the vote!” Dogechain said. 

According to information on the Dogechain governance platform, the proposal seeks to reduce the total supply of DC by 80% throughout all allocations. Furthermore, the proposal also seeks feedback on whether the vesting period of the remaining early shibes airdrop should be reduced from 46 to 6 months. So far, the majority of the votes are in favor of both proposals. The Dogechain team is expected to decide on the next step once voting ends.

DC Holders Push to Revive Token’s Value

Unsurprisingly, most Dogechain holders support the incineration of 80% of the token’s total supply. Reducing such a massive supply will, without a doubt, push the token prices to new highs.

Community members are eager as they believe burning a large percentage of the total supply will help bolster DC’s value again.

Meanwhile, Dogechain has recorded major wins in the past few weeks. The network’s daily transactions have continued to gain momentum, with 55M On-Chain Transactions, almost 1M transactions per day, and 250K Unique Wallets. Meanwhile, major exchanges have also listed the token for trading. As reported by The Crypto Basic, DC is Up 300% In 7 Days.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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