Tomorrow, October 9, Dogs (DOGS) and Notcoin (NOT) will jointly burn $4 million worth of tokens that have remained unclaimed since both projects distributed tokens in Telegram airdrops.

This event has sparked speculation about the potential impact on their respective prices. As the community awaits this moment, BeInCrypto examines how the dynamics of demand and supply could affect NOT and DOGS.

Telegram Coins Event Gets Community Excited

Both Notcoin and Dogs have decided to burn their tokens after receiving the green light from the community. To encourage participation, the official channels of these Telegram-native projects announced that the event will be streamed live on X (formerly Twitter) at 1 p.m. UTC.

For context, projects engage in token burning by permanently removing tokens from circulation to enhance scarcity and potentially increase the long-term value of their cryptocurrencies. In total, DOGS will burn 4.8 billion tokens, while Notcoin will contribute the remainder, bringing the total burn to approximately $4 million

However, it is important to mention that Dogs and Notcoin did not launch around the same period. While Notcoin distributed over 80 billion tokens in Telegram airdrop in June, Dogs gave out about 400 billion tokens to eligible users. 

Currently, DOGS changes hand at $0.00072, 55% down from its launch price. Notcoin’s price is down 46% from its all-time high. Despite this, the Weighted Sentiment around the projects has jumped, suggesting that the broader community is bullish about the event.  

Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners

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Author: Victor Olanrewaju