Dogechain DC Price Up 71.75% in 5 Days
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It looks that the community is once again supporting the dogecoin-related project. On Friday, October 21st, Dogechain, the DOGE community-focused layer 2 released a message on their weekly Twitter spaces recommending an 80% burn of their native token DC. According to important contributor Roc Zacharias, the team was drafting a vote to solicit community feedback on lowering the overall supply of $DC.
Dogechain Token (DC) 30-Min Price (Source: TradingView)
After the announcement, DC's price rose by about 217.1% in just 72 hours, reaching a high of $0.0019704. Currently trading at around $0.001689, the price of DC has increased by 71.75% in just 5 days, from a low of $0.0017689. For a new project that was introduced in August of this year, I most definitely did not anticipate such a price rise.
It will be the biggest burn in the history of cryptocurrencies if the proposed burn is approved and 80% of the supply is destroyed. To further clarify, at the current price, it will remove from the chain Fully Diluted (FDV) of more than $1 billion.
I'm sure many of you have heard of Terra Luna's tax burn mechanism recently, which burns LUNC over a long period of time. The sudden Dogechain burn will take place immediately away. The entire 80% of the fuel will be burned simultaneously if affirmative governance is chosen. Take part in and see the voting procedure here.
With Key metrics that are on par with or better than some of the most prosperous chains' openings, Dogechain has had a very active start. I'm curious to see if the DC burning idea will be supported by the neighborhood. If the indicators keep getting better and the vote is successful, Dogechain will keep trying to become the top-dog cryptocurrency, buoyed by its expanding community support and diminishing supply.