Notcoin (NOT) and DOGS Plots Massive Token Burns, Implication For Price
Two projects built on The Open Network (TON), Notcoin (NOT), and memecoin project Dogs (DOGS) plan to shake things up. The duo revealed plans to engage in a massive burn of tokens. The burn activity will be broadcast live on the Dogs Community X handle. Massive Token Burn Details and Impact on Supply According to Notcoin, during an October 9 live event, it will take $4 million worth of tokens out of circulation. The burn activity will serve as a deflationary measure to boost the value of NOT and DOGS. For context, token burning refers to permanently removing certain assets from circulation. To achieve a burn, the tokens are sent to an inaccessible wallet, usually called a “dead wallet.” The essence of burning is to reduce the circulating supply and potentially increase the token’s value. NOT and DOGS say that in addition to the token burns planned, they will donate unclaimed DOGS to charity. The community will decide which charity organizations to donate to. According to a statement from the community, the measures will permanently reduce the total token supply for both projects. Notably, based on the community’s voting, 4.8 billion DOGS tokens will go out of circulation via this process. The current price is about $3.5 million out of the $4 million total token designated for burning. Meanwhile, it plans to donate about 6 billion unclaimed tokens to charitable causes. Growing Popularity of TON Mini-Apps and Notcoin’s Role Interestingly, these projects are part of the Telegram mini-apps (TMAs). Since their launch, TMAs such as Notcoin and Hamster Kombat have recorded significant growth. Notably, in 2024, the TMAs contributed to increased users adopting blockchain and cryptocurrency technology. Although Notcoin pioneered the tap-to-earn game trend, other projects have contributed to the network’s overall growth. At the time of writing, Notcoin, whose market capitalization stands at $789,892,394, traded at $0.007718. Hamster Kombat, which trades at $0.004287, boasts of a market capitalization of $275,778,761. Meanwhile, DOGS, a meme-based crypto boasting over 17 million token holders, also has a huge following on social media platforms. DOGS’s market cap stands at $363,356,308. At the time of writing, DOGS traded down by 6.68% to exchange hands for $0.0007031. The community anticipates that burning over 4 billion tokens will help reboot sentiment soon. Can Token Burns Stabilize Notcoin and DOGS Prices? While burning tokens often leads to scarcity, it is not always guaranteed to influence prices positively. However, some memecoins, such as Shiba Inu and Floki, have used this deflationary mechanism to stabilize the price. As reported by The Coin Republic, the price of SHIB remained stable despite a recent burn rate of 438%. On that occasion, 28,222,587 SHIB tokens entered dead wallets. Similarly, five months ago, the Floki DAO voted to torch 15.246 billion FLOKI to elevate the price. Thus, the DOGS community looks forward to the impact of the burn event once the supply reduces.