On Friday, Dogechain, the community-driven layer 2 for DOGE, announced their idea to burn up to 80% of their native DC token live on their weekly Twitter spaces.
Core contributor and industry heavyweight Roc Zacharias announced live on air that the team was planning a vote following community feedback to reduce $DC’s total supply.
Within hours, Dogechain’s Twitter followed up with a more detailed post confirming the vote and explaining it would be a binary choice to support or oppose a massive 80% token burn.
Following its initial meteoric rise, Dogechain’s native token has struggled, falling 90% on concerns over its massive FDV ($1.4 Billion at current value) and relatively small circulating supply. So Friday’s announcement will significantly relieve many vocal proponents of $DC who had been making repeated calls for a token burn to address the supply issue.
In the 72 hours following the announcement, DC’s price soared over 400% – going from around $0.00039 per DC token to a high of $0.0018 before retracing slightly to $0.00159 at press time. The volume also skyrocketed to an ATH, exceeding $59.4 Million in 24 hours on October 23rd as traders flocked to get in on the action.
To put the proposed burn into context, if it passes and 80% of the total supply is burned, this will be the largest burn in crypto history, with over $1 billion in FDV at the current value erased from the chain.
What’s more surprising is that, unlike other burns that are gradual and tied to transaction fees, such as EIP-1559, the Dogechain burn will be instantaneous. All 80% will burn at once following an affirmative governance decision. Track the progress of the vote and participate here: https://dogegress.dog/explore
How does Dogechain compare with other chains?
Dogechain has had a very active start, with metrics that compare or exceed some of the most successful chains’ launches. Since its August launch, Dogechain has registered over 55 million unique transactions and over 250,000 active wallets. Additionally, daily transactions hit an ATH of +3 million in September, briefly exceeding Ethereum, Cardano, Cosmos, and Polygon. From a project development standpoint, there also seems to be healthy reception from ecosystem builders, with many upcoming projects building on the chain.
If the metrics continue to grow and the vote passes, spurred on by its reduced supply and renewed community traction, Dogechain will continue its quest to gain top-dog status.
