Telegram-based gaming pioneer Notcoin and the memecoin project Dogs Community announced that they collectively will burn $4 million worth of tokens.
“Following a community vote, $DOGS and $NOT will burn tokens for a value of approximately $4 million,” according to a statement. “This burn will permanently reduce the overall supply of tokens for both projects, while a sizable portion of the unclaimed $DOGS tokens will be donated to charitable causes, as decided by the community.”
Notcoin's native NOT token, which has a market cap of over $800 million, was changing hands at $0.0078 as of 9:29 a.m. ET, according to The Block Price Page. The DOGS token has a market cap of roughly $370 million, according to CoinGecko.
After a vote, the Dogs Community decided to “burn 4.8 billion tokens while donating about six billion unclaimed tokens to charitable causes selected by the community.” That would mean at current prices, about 85%, or $3.5 million of the $4 million of total tokens being burnt, will come from burning Dogs Community's DOGS tokens.
See Crypto Indices
The token burn event is scheduled for Wednesday at 9 a.m. ET, according to the two projects, which added that the “token burn represents a pivotal moment for both DOGS and NOT ecosystems with reduced supply signaling potential long-term benefits for holders and engaged community members alike.”
While Notcoin is credited as essentially pioneering the tap-to-earn gaming wave, which has seen several games launched on Telegram and the TON blockchain, Dogs Community is a “meme-based cryptocurrency inspired by Pavel Durov's beloved mascot, Spotty,” according to a statement. The project boasts “over 17 million on-chain token holders and 20 million followers across social media,” with the DOGS token listed on different crypto exchanges, the statement said.
In recent months, the TON blockchain and the Telegram messaging platform have each become popular launching pads for new crypto projects eager to attract users and cultivate their respective ecosystems.
