What Caused Dogechain (DC) To Have Spectacular Gains?

The layer 2 project Dogechain (DC) recently raised a proposal to burn 80% of the total supply and reduce the vesting (unlocking token) Early Shibes Airdrop period from 48 to 6 months. After the proposed vote was opened, the DC price skyrocketed by more than 30%.

On October 23, the Dogechain community opened a vote on the proposal to burn tokens, reducing the supply. According to the announcement “Great Burn of 2022 Vote” is opened, burning 80% of the total supply and reducing the vesting (unlocking token) Early Shibes Airdrop period from 48 to 6 months.

Voting results will be closed on October 28. If 500 million DC votes “yes”, the plan will start to work.

Initially, Dogechain rated 1 trillion tokens, issued within 5 years. However, following the incredible growth and engagement of the community since its launch, the organization decided to regulate the DC supply.

In case the proposal is passed, 80% of the supply from all wallets will be burned proportionally. This also includes the Early Shibes airdrop, which distributed 16.7% of the tokens, which will have an 80% reduction in unvested DC. The above plan also proposes to reduce the vesting period for Early Shibes from 48 to 6 months, with the goal of providing users with more flexible transaction times in the context of reduced total supply.

Immediately after the news, the DC token increased by more than 30% within 24h and spiked hundreds of percent in just the past two days. DC is currently trading at $0.001773.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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