The DOGS community is urging its members to participate in a vote concerning the fate of 17.7 billion unclaimed tokens. This voting initiative empowers token holders to choose from three distinct options: burning the tokens, donating them to charity, or allocating them to the project’s treasury for future advancements.
Source: Telegram
Each choice carries significant implications for the token’s future, particularly regarding its supply and the dynamics of the market. As of September 24, the voting is taking place through a mini-app on the DOGS platform. Preliminary results indicate that 56.8 million DOGS tokens have been earmarked for the treasury, while 12.3 million are designated for charitable purposes and 11.6 million are marked for burning.
Source: Telegram
### How Might the Vote Affect the Coin’s Value?
The three options present unique consequences that could shape the future price movements and market position of DOGS. Burning tokens would diminish the circulating supply, potentially instigating an inflationary effect by enhancing scarcity, which might elevate the token’s value.
On the flip side, channeling tokens into the treasury for future development would maintain a stable supply. While this wouldn’t have an immediate impact on scarcity, the treasury option could support long-term growth initiatives.
### Additional Insights:
– **DOGS Token Sets Record Among Meme Coins with 17 Million Users**
– **DOGS Token Price Analysis — What Lies Ahead?**
As of September 24, 2024, the DOGS coin is trading at $0.0008530, which reflects a 1.18% decrease over the last hour. The token is currently operating within a downward price channel, indicating bearish momentum.
Source: TradingView
DOGS is trading below its 9-period Simple Moving Average (SMA) of $0.0008566, reinforcing the prevailing downward trend. The Relative Strength Index (RSI), a crucial momentum gauge, stands at 46.08, suggesting neutral market conditions. This indicates that DOGS isn’t currently overbought or oversold; however, the overall market sentiment remains bearish, with the price lingering near its support level of $0.0008497. If it dips below this threshold, further declines could follow. Conversely, a breakout above the $0.0008566 resistance level might indicate a potential short-term reversal.