DOGS and Notcoin Burn Event, What is the Impact?

Bittime - Today, October 9, cryptocurrency projects DOGS and Notcoin will carry out a token burn worth $4 million (Rp. 62 billion) from an unclaimed Telegram airdrop. This moment has sparked speculation among investors about the possible impact on the price of each token.

This burning event received a warm welcome from the community. In an effort to increase participation, both projects will broadcast the event live via the X platform (formerly Twitter) at 13.00 UTC or around 20.00 WIB. 

This step aims to provide transparency and involvement to token holders.

Token Burning in Crypto

Ttoken burning is a common practice in the cryptocurrency world, where a project permanently removes tokens from circulation. The goal is to increase scarcity and, in turn, increase the long-term value of the digital currency. 

In this case, DOGS will burn 4.8 billion tokens, while Notcoin will donate the remaining unused tokens, bringing the total burn to around $4 million (Rp. 62 billion).

Read also: Notcoin Prices Drop After Whales Escape

It should be noted that DOGS and Notcoin were not launched at the same time. Notcoin previously distributed more than 80 billion tokens via a Telegram airdrop in June, while DOGS gave away around 400 billion tokens to eligible users. 

Current Notcoin and DOGS Prices

Currently, DOGS price is at $0.00072 (around Rp. 11), down 55% from the launch price. On the other hand, the Notcoin price also decreased by 46% from its all-time high. 

Despite this, market sentiment towards both projects shows optimism, indicating that the broader community feels positive about this burning event.

SA DOGS representative explained that the decision-making process regarding burning tokens was carried out transparently. Where, every token holder is given the opportunity to participate. 

However, they stated that there was a collective decision not to burn all unclaimed airdrops. This choice was made based on input from the community and majority consensus.

“Rather than opting for short-term gains by burning all (or at least a higher proportion of) unclaimed tokens — which would likely increase value instantly — our community chose to allocate the majority of these tokens to charitable purposes,” the representative said.

Effect of Token Burning on Price DOGS dan NOT

If we look at the four-hour DOGS price chart, it can be seen that the price of this token is trying to rise above the descending triangle pattern, which is characterized by a flatter horizontal trendline and a descending trendline. If the price falls below the horizontal trend line, it is possible that DOGS will experience further correction.

However, if the price manages to break the descending trend line, an increase is likely. Currently, DOGS price is well above the horizontal section and has the potential to exceed the triangle's boundary. The Relative Strength Index (RSI) which measures momentum also supports this prediction, as it is above the zero signal line.

Read also: How to Withdraw DOGS from Telegram Wallet to Bittime, Easy!

If these conditions persist after the token burn, DOGS could surge towards $0.00088 (Rp. 13.75) and possibly reach $0.0010 (Rp. 15.60) afterward. However, this prediction could be invalidated if the token falls again to the horizontal line at the price of $0.00068 (Rp. 10.62).

Meanwhile, Notcoin's market structure on the daily chart shows a technical pattern similar to DOGS. From the chart, it can be seen that NOT price is trying to break through resistance at the level of $0.0085 (Rp. 132). 

If successful, Notcoin's price could surge towards $0.11 (Rp. 1,716) and eventually reach $0.014 (Rp. 218). However, if the token does not manage to clear this resistance, a drop to $0.0072 (Rp. 110) may be on the cards.

Interestingly, the DOGS team also revealed that they will donate the remaining 6 billion unclaimed Telegram airdrop tokens to charitable causes related to children and animals.

“All donations made are always communicated clearly to the community to ensure accountability. The most active members of the community will in future have the opportunity to participate in charitable initiatives directly,” added the project representative.

With these steps, DOGS and Notcoin demonstrate their commitment not only to increasing the value of the token but also to broader social responsibility.

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