Dogechain soars 300% as developers propose 80% supply burn

LAGOS (CoinChapter.com) —  Dogechain (DC), a Polygon edge-based smart contract system for popular meme token dogecoin, has recorded massive growth recently as the meme coin community welcomed it with open arms and its native token rallied significantly.

In detail, the memecoin in the last seven days has more than tripled in price according to data from CoinGecko. DC began to rally in value on Friday, trading at $0.0004 to skyrocket as high as $0.0019 on Oct. 27. The token has surged almost 300% in the last seven days.

Additionally, according to the same data, the token rose over 25% in the last 24 hours. The token growth is impressive because its value has declined over 60% since reaching a new high in August. Moreover, Dogechain’s price has dropped steadily since that time to $0.0004 from $0.004.

Dogechain, launched in mid-August, has a market capitalization of almost $50 million. Furthermore, data from on-chain trackers show that $5.8 million is locked on Dogechain-based products.

It’s worth noting that the Dogecoin community launched Dogechain earlier this year to add smart contract features to its ecosystem. However, the two digital assets are different as DC is a proof-of-stake cryptocurrency, and DOGE is a proof-of-work cryptocurrency. Recall that after Ethereum Merge, Dogecoin became the second largest proof-of-work digital asset based on market cap.

ALSO READ: Dogecoin (DOGE) Price Surges 15% And Technicals Suggest Strong Rally To $0.09

Meanwhile, the memecoin network has also recorded a significant uptick in the area of traffic. According to Dogechain, it has witnessed over 1.2 million transactions in the past 24 hours. In addition, within the past 24 hours, CEX trading volume has surpassed $55 million, with on-chain DEX trading volume sitting at a value of more than $2.5 million.

Additionally, unique wallets on Dogechain have soared to a value above 250,000, recording a 2.4% increase in around three weeks. Consequently, it is important to note that DC recorded this impressive feat while the entire crypto space was facing a downtrend.

Dogechain To Burn 80% Of Token Total Supply

Dogechain recent price rally follows a proposal by the token developers to reduce the digital asset supply.

In a proposal titled “The Great Burn,” DC developers suggested that 80% of the total supply of its official token be destroyed. Interestingly, following the proposal on Oct. 28, the memecoin community has fully supported them.

Reducing the supply of a cryptocurrency is not a new concept, and projects do it all the time to increase demand and the token’s value. However, what makes the Dogechain proposal stand out is the amount of supply they aspire to burn.

The memecoin, through a tweet, revealed that 99.9% of its community is actually in support of the burn. Additionally, a recent tweet shows that the vote threshold required had been reached, with 550 million votes already entered to burn 80% of DC’s supply.

Notably, voting will close on Oct. 28, and afterward, Dogechain is expected to proceed with the burning plan. Consequently, the token is anticipated to soar to a new all-time high.

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