$DOGS and $NOT have successfully burned over 4.7 billion $DOGS tokens today, attracting significant attention from the crypto community.
The live-streamed event, hosted on $DOGS’ official X account (formerly Twitter), garnered more than 100,000 viewers, showcasing strong community interest.
Despite the excitement surrounding the token burn, the market’s response has been less enthusiastic.
Shortly after the burn, $DOGS saw a 1.54% dip in its price, now trading at $0.000692, while its market capitalization took a sharp 19% drop to $120 million.
Similarly, $NOT is down by 3.04%, trading at $0.007516, with a market cap decrease of 15%, now standing at $101 million, according to CoinMarketCap.
Token burns are commonly viewed as mechanisms to reduce supply and potentially boost value.
However, market conditions, investor sentiment, and broader economic factors can influence short-term reactions.
