Dogs (DOGS) and Notcoin (NOT), two major cryptocurrencies of The Open Network (TON) ecosystem, just finished their first joint token burn event. So far, it looks like the community remains unimpressed by the effects of the action, as both assets are losing value.

Dogs (DOGS), Notcoin (NOT) completed first token burn, billions of tokens destroyed

Today, Oct. 9, 2024, at 1:00 p.m. UTC, the teams of Dogs (DOGS) and Notcoin (NOT), TON-based cryptocurrencies, initiated inaugural token burn events. In total, over $4 million in DOGS, NOT equivalent were destroyed for good.

About half an hour ago, team representatives confirmed that both events were successfully completed. Dogs' (DOGS) supply was reduced by 4,782,643,870 coins, which is close to 0.8% of its aggregated circulating offering. 

The event was live-streamed for over 100,000 viewers, which likely makes this burn one of the most tracked crypto events.

For Dogs (DOGS), a TON competitor of SHIB and DOGE, this event is the final phase of a hotly anticipated airdrop. Once airdrop participants claimed their takes, the community decided to share the remaining liquidity between charity initiatives, further development funding and a token burn program.

A total of 6,067,155,960 DOGS were spent on charity, and 7,021,719,223 DOGS will be used for future development initiatives, while the rest of the remaining coins were transferred to a destroy address.

TON meme coins in red despite massive event

Despite the community being positive about the token burn events for TON and DOGS, both assets failed to get rid of a multi-week dropdown.

Dogs' (DOGS) price lost 3.16% today and dipped below the $0.0007 level, while Notcoin (NOT) is down by 5.92% in the last 24 hours.

Amid this drop, Notcoin (NOT) was replaced by Wormhole (W) as the 80th largest cryptocurrency by market cap, while DOGS is close to losing its place in the top 150.

The total capitalization of the cryptocurrency market is down by 0.41% today.