Shiba Inu Announces First Phase of Doggy DAO
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- By staking BONE tokens, ShibaSwap users may vote on the projects featured.
- Only Dogecoin (DOGE) has a greater market cap.
A “Doggy DAO” has been unveiled by Shiba Inu (SHIB), the second-largest crypto meme token by market valuation. There has always been an emphasis on decentralization for the SHIB development team. With a rise of 43,685,107 percent versus the US dollar in the last year, listings on several crypto platforms, and merchant acceptance, the meme coin shot to prominence in 2021.
SHIB has gained 8.1% in the previous two weeks but has lost 7.6% in the last seven days. Just 0.79 percent of the $2.3 trillion crypto–economy was SHIB’s market value on Saturday. Only Dogecoin (DOGE) has a market cap greater than SHIB’s $22.7 billion, making it the largest crypto meme currency.
On Friday, the SHIB team released a statement stating:
“[The] Doggy DAO will be released in a stage-by-stage metric and phased approach. This allows the community to understand the needs and requirements of the project while also attending to the possibilities that this ecosystem brings to our community.”
Staking Governance Token
ShibaSwap users may vote on the listed projects by staking BONE tokens once the DAO 1 beta begins. For their efforts, they get the staked version of the governance token, tBONE. A project’s allocation points (AP) are based on the number of votes it gets, and the more votes it receives, the more BONE rewards it will earn.
Decentralized autonomous organizations (DAOs) like the Doggy DAO have been popping up all over the cryptosphere in the past week or so. Digital currency supporters have recently mentioned the Opendao airdrop and the Gas DAO airdrop. The SHIB team, called the ‘Shibarmy,’ has been around for a long time, but both of those DAOs are newer.
According to CoinMarketCap, the Shiba Inu price today is $0.000034 USD with a 24-hour trading volume of $588,100,572 USD. Shiba Inu has been up 0.36% in the last 24 hours.
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