Dogechain Shares 80% DC Supply Burn Proof

Dogechain finally burns 80% of its total supply.

Leading meme-based cryptocurrency Dogechain has shared proof of transaction showing that its team has successfully burnt 800 billion DC tokens, worth $2.24 billion at the current exchange rate.

“Important Announcement – 80% Supply Burn Completed. As proposed and voted by the community, the Dogechain team irrevocably destroyed 800 billion DC tokens,” Dogechain noted in an announcement. The team also shared the link to the burn.

The Dogechain team describes the recent burn as “the Greatest Burn Event.” According to the transaction details, the burn was completed on October 31, 2022, at 04:20 AM (UTC). 

Dogechain to Update Its Token Metrics Information

Dogechain said it would update its token metrics to reflect the recent burn. From an initial supply of 1 trillion tokens, Dogechain successfully burnt 726B tokens previously, and the latest burn includes 800,726,256.133 (800.72 billion) coins. The total supply of Dogechain now sits at 199,273,743,867 (199.27 billion) DC tokens.

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Following this burn, the $DC token metrics will be updated as follows:

? Initial Supply 1,000,000,000,000
? Previously burned tokens – 726,256,133
? Great Burn event – 800,000,000,000

? Post-Burn Total Supply: 199,273,743,867

— Dogechain? (Giving away a Tesla) (@DogechainFamily) October 31, 2022

The team noted that cryptocurrency aggregators erred in their circulating supply data.   

“Additionally, due to how aggregators track wallet data, the reported circulating supply of Dogechain tokens was ~32 billion. This data was inaccurate, as a large portion of these tokens were never put into circulation, just moved from their original wallet,” Dogechain said. 

To fix the error, Dogechain said it had to incinerate 18 billion DC from the current circulating supply, thus reducing the number of DC in circulation by 58%.

Dogechain will give cryptocurrency aggregators new token metrics information to ensure the token is accurately tracked.

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Rest assured that the tokenomics page ? https://t.co/iY2KPPvc9V

↑ will be updated shortly, and all this information provided to aggregators so that the supply of $DC is accurately tracked.

— Dogechain? (Giving away a Tesla) (@DogechainFamily) October 31, 2022

The move is part of efforts by the team to boost the price of DC. Recall that after Dogechain announced last week that it would burn 80% of its total unreleased supply, the price of DC spiked by nearly 50%. 

Dogechain’s Massive Growth

Less than three months after its launch, Dogechain has proven to be one of the leading canine-themed cryptocurrencies with prospects. On August 29, 2022, the price of Dogechain spiked to an all-time high of $0.0046. Although the price is down 40.1% from its ATH, the team is committed to boosting the value again by promoting its widespread adoption.

These efforts have yielded positive results, with Dogechain recording more than 250k unique wallets, 55 million cumulative transactions, and an average of 1 million daily transactions. Last month, Dogechain launched its naming system dubbed Dogechain Name Service (DNS).