As a seasoned researcher with years of experience observing the cryptocurrency market, I must admit that today’s token burn event for $DOGS and $NOT was nothing short of anticipated. However, my dear readers, it seems we have witnessed yet another instance where the hype outweighed reality.
In simpler terms, during their much-awaited event today, more than 4.7 billion DOGS tokens were not destroyed as intended, and dogs (the cryptocurrency) remained intact.
The event was live-streamed on the $DOGS official X account (formerly Twitter), and it attracted over 100,000 viewers.
But, despite the hype, the market reaction has been underwhelming. $DOGS is currently down by 1.54%, trading at $0.000692, with its market cap dropping 19% to $120,207,178.
At the same time, $NOT is seeing a comparable drop. Currently, it’s trading at a decrease of 3.04%, priced at $0.007516. Its market capitalization has dropped by 15% to reach approximately $101,789,028, according to CoinMarketCap.
The “burn” is a strategy aimed at controlling the circulation of the token. Additionally, this process was anticipated to potentially boost its worth; however, it’s essential to understand that such an outcome isn’t necessarily guaranteed.
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2024-10-09 21:24