DOGS Token Holders Vote on the Future of 17.7B Unclaimed Coins

The DOGS community has called upon its members to vote on the future of 17.7 billion unclaimed tokens. This vote allows token holders to select one of three options: burning the coins, donating them to charity, or adding them to the project's treasury for future development.

The community of the popular meme coin, known as DOGS, is currently engaged in a vote to determine the fate of a massive 17.7 billion unclaimed tokens. This vote presents token holders with three distinct options: burning the coins, donating them to a charitable cause, or adding them to the project's treasury for future development.

Each option holds potential consequences for the token’s future, particularly in terms of its overall supply and market dynamics. As of September 24, the voting process is being conducted through a mini-app on the DOGS platform.

Early results from the vote show that 56.8 million DOGS tokens have been voted for allocation to the treasury, 12.3 million tokens for charity, and 11.6 million for burning. This snapshot of the voting preference indicates a strong preference among token holders for utilizing the unclaimed tokens to support the project's future development.

How Could the Vote Impact Coin’s Price?

The three options presented in the vote each carry distinct implications and the outcome will likely influence DOGS' coin future price behavior and market standing. Let's break down how each option could impact the coin's price.

Burning the tokens would effectively reduce the circulating supply of DOGS tokens. This could have a inflationary impact on the token's price, as scarcity is increased, potentially driving up the token's value.

On the other hand, if the community decides to add the tokens to the treasury for future development, the total supply of DOGS tokens would remain unchanged. While this wouldn't immediately affect the token scarcity, the treasury option could help fund long-term development.

DOGS Token Price Analysis — What Could Happen Next?

At the time of writing, September 24, 2024, DOGS coin price is trading at $0.0008530, reflecting a 1.18% decline over the past hour. The token is currently moving within a descending price channel, indicating bearish momentum.

DOGS is trading below its 9-period Simple Moving Average (SMA) of $0.0008566, which is reinforcing this downward trend.

A closer look at the technical indicators reveals that the Relative Strength Index (RSI), a key momentum indicator, is currently at 46.08, indicating neutral market conditions. This suggests that DOGS is neither overbought nor oversold, but the overall market sentiment is still bearish, with the price hovering close to its support level of $0.0008497.

If the price breaks below this support level, we could see further declines. On the other hand, if the price manages to break above the resistance level of $0.0008566, it could signal a potential short-term reversal.

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