DOGS Community Approves Burning 116 Million Unclaimed Coins Is a Rally on the Horizon

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.


DOGS community called upon its members to vote on unclaimed token. Source:
Telegram
Each option has potential consequences for the token’s future, especially in terms of its overall supply and market dynamics.
As of September 24, the voting process is ongoing via a mini-app on the DOGS platform. Early results show 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.


Voting is still ongoing. Source:
Telegram
How Could the Vote Impact Coin’s Price?
Each option has distinct implications and the outcome will likely influence DOGS’ coin future price behavior and market standing. The burning of tokens would reduce the circulating supply, which could have an inflationary effect by increasing scarcity, potentially driving up the token’s value.
Conversely, adding tokens to the treasury for future development would keep the supply stable. While this wouldn’t immediately affect token scarcity, the treasury option could help fund long-term development.
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DOGS Token Price Analysis — What Could Happen Next?
As of 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, signaling bearish momentum.


DOGS Price Chart With RSI. Source:
TradingView
DOGS is trading below its 9-period Simple Moving Average (SMA) of $0.0008566, reinforcing this downward trend.
The Relative Strength Index (RSI), a key momentum indicator, sits 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. Breaking below this level could lead to further declines. On the other hand, if the price breaks above the $0.0008566 resistance level, it could signal a potential short-term reversal.