Over 99.9% Support Proposal To Burn 80% Of Dogechain (DC) Supply
Dogechain community members are now voting on a “great burn” proposal, which determines whether the total supply of the token should be reduced by 80% proportionally throughout all allocations. So far, over 99.9% of votes are in favor.
In a proposal titled “The Great Burn” that was presented on Oct. 23, the Dogechain Foundation wants to burn 80% of the total supply of its official token.
If it does this, it will be one of the largest burns of any token supply in history, and it has been put up to the community to vote on this proposal.
Updates from the community show that the overwhelming majority are actually in support of the burn. A recent tweet revealed that the vote threshold required had been reached with 550 million votes already entered and 99.9% were in favor of burning 80% of the supply.
Voting is set to run until the 28th, by which time the official decision will be announced. However, given the current progression of the votes, it is expected that Dogechain would be moving forward with this proposal once voting is concluded.
What is Dogechain?
Dogechain is a Polygon Edge-based smart contract system for popular meme token dogecoin. The project’s native token DC has more than tripled in price in the last seven days.
DC began to increase in value on Friday, when it was trading at $0.0004 to then climb as high as $0.0018 on Sunday. The token hadn’t reached those levels since hitting its all-time high at the end of August.
The DC token has swung wildly before. It fell 90% from August to September, declining from about $0.004 to $0.0004.
Dogechain, which was launched in mid-August, now has a market capitalization of $46 million. Data from on-chain trackers shows that $5.8 million is locked on Dogechain-based products.
The meme coin now boasts more than 250,000 wallets with over 1 million transactions in a 24-hour period. Data from Coingecko shows that it saw more than $10 million in trading volume in the last day. However, it seems DC has been unable to keep up with the current market recovery as its price is down over 12% in the last 24 hours.
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