Dogecoin Layer-2 Dogechain Soars Over 200% in Two Days after Token Burning Proposal

Dogecoin Layer-2 Dogechain Soars Over 200% in Two Days after Token Burning Proposal

According to CoinGecko, the trading value of Dogechain (DC) - an EVM-compatible layer-2 blockchain based on Polygon that's inspired by, but separate from, Dogecoin (DOGE), has increased by more than 200% in the last week and more than 70% in the last 24 hours. The high also represents a 75% increase over a month ago.

Dogechain's price has risen from $0.0004 on Friday to $0.00176 on Sunday, recording a 228% gain in seven days at a rate not seen since September 12.

The price increased due to the announcement published on October 23 about the "Great Burn of 2022 Vote” proposal.

About the "Great Burn of 2022 Vote”

The Dogechain Foundation started the "Great Burn of 2022 Vote" - burning 80% of the total supply and reducing the vesting (unlocking token) Early Shibes Airdrop period from 48 to 6 months.

DC holders on Dogechain have until October 28 to voice their opinions about the the above proposal. The plan will start if 500 million DC votes "yes."

It is known that a large number of users and developers within the ecosystem have voiced their opinions about enhancing the total token supply significantly. 1 trillion tokens were initially estimated to be issued within 5 years by Dogechain. But after seeing the community's phenomenal growth and engagement since its launch, the organization made the decision to control the DC supply.

Before making such a bold move, the project still needs the community's feedback. Every vote is crucial for the Dogechain ecosystem and tokenomics growth.

80% of the supply from all wallets will be burned proportionally if the proposal is approved. This includes the Early Shibes airdrop as well, which distributed 16.7% of the tokens and will result in an 80% reduction in DC that has not yet been vested. The above plan also suggests changing the vesting period for Early Shibes from 48 to 6 months to give users more flexibility when it comes to transaction times.

Due to the news, the price of DC had undergone a significant uptrend, rising by hundreds of percent in just the previous two days.