New Proposal Wants to Burn 80% of Dogechain (DC) Supply, Community Responds

Dogechain (DC) is hugely popular and welcomed with open arms among the meme coin community. The native token also did well considering it launched in a bear market, but the crypto winter predictably eventually caught up with it. We proposed a drastic reduction, and the community fully supported it.

reduce doge chain supply

Reducing the supply of cryptocurrencies is not a new concept, projects do it all the time to reduce supply and increase demand, increasing the value of tokens. What makes Dogechain’s proposal stand out, however, is the amount of supply they plan to supply.

and Proposal titled “The Great Burn” presented On October 23rd, the Dogechain Foundation wants to burn 80% of the total supply of official tokens. Doing this resulted in one of the largest token supplies of all time and entrusted the community to vote on this proposal.

Updates from the community show that the overwhelming majority actually support burns. A recent tweet revealed that 550 million votes had already been entered, reaching the required vote threshold, with 99.9% in favor of burning his 80% of the supply.

🔥Threshold reached – voting continues until October 28th 🗳

Exciting Update Fren! 🙌

✅ Voting threshold to burn 80% of total supply $DC Token reached.

🗳 Users have already received 550 million votes (99.9% YES)! pic.twitter.com/2ZK0T3YKmw

— Dogechain💜 (gift a Tesla) (@DogechainFamily) October 25, 2022

Voting will continue for three more days until the 28th, with a formal decision announced by the 28th. However, given the current voting progress, it is expected that Dogechain will move forward with this proposal once the voting is over.

Good news for DC

For DC, the official Dogechain token, this would significantly reduce its supply (1 trillion), according to Coingecko data. A large supply is a severe limit on how high a single token can be worth, as the market capitalization at such a price is unrealistic.

DC trending at $0.0014 | Source: DC/USDT on TradingView.com

Currently, the price of DC is hovering at $0.0015, and removing 80% of the supply makes DC an even more valuable token. Already showing signs of a meme coin that could do well in the market, Byrne will only accelerate this process.

Memecoin currently boasts over 250,000 wallets and over 1 million transactions in 24 hours. According to Coingecko data, he surpassed $10 million in trading volume on the final day. However, DC’s price has fallen more than 12% in the last 24 hours, so it appears that it has not been able to keep up with the current market recovery.

Featured image from CryptoSlate, chart from TradingView.com

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