Dogechain explains - Coin burns.
27 Oct 2022, 17:14
Dogechain explains - Coin burns 🔥
🗑 Coin burning in crypto is a deflationary process that permanently removes tokens from the total supply.
These tokens can be either in circulation or unreleased, but in both cases, a predefined amount of tokens is irrevocably destroyed. 💥
💰 → 🔥 Burns can be either automatic or manual, and the process involves sending tokens to a “burn” address, from where they cannot be retrieved by anyone.
💀 This proof of burn address for Dogechain is:
0x000000000000000000000000000000000000dEaD
Burning can have multiple benefits for the projects. They:
🔹 Reduce supply and make tokens more scarce.
🔹 Increase long-term value and provide more upside potential for the project.
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