Dogechain (DC) Pumps Over 200% For the Week

    The spike comes after Dogechain initiated burning tokens, reducing supply.

    According to the announcement posted on the evening of October 23, the Dogechain foundation initiated the “Great Burn of 2022 Vote”, burning 80% of the total supply and reducing the Early Shibes Airdrop vesting time (unlocking token) from 48 to 6 months.

    Those who are holding DC on Dogechain will have until October 28 to speak out with the above proposal. If 500 million vote “yes”, the plan will begin to operate.

    It is known that many users and developers in the ecosystem have expressed their opinions about improving the total token supply. Initially, Dogechain rated 1 trillion tokens, issued within 5 years. However, following the surprising growth and engagement of the community since its launch, the organization decided to regulate the DC supply.

    However, the project still needs the community’s voice before taking such a bold measure. Every vote is very important for Dogechain’s ecosystem development and tokenomics.

    In case the proposal is passed, 80% of the supply from all wallets will be burned proportionally. This also includes the Early Shibes airdrop, 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 as the total supply reduces.

    Before the above news, DC price has had a very positive change, spiked by hundreds of percent in just the past two days, and still shows no sign of slowing down.

    Dogechain (DC) price movement over the past week (Source: CoinMarketCap)

    Dogechain is an EVM-compatible layer-2 blockchain based on Polygon that’s inspired by, but separate from, Dogecoin (DOGE), the eminently popular and mirthful meme coin. With the Ethereum merge, Dogecoin became the second largest proof of work cryptocurrency by market cap, behind only Bitcoin. But since the unrelated confirmation statement from the Dogecoin Foundation and the creator of DOGE, users should also be extremely cautious with this project.

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