During the last half of 2021, decentralized autonomous organizations (DAO) have been popping out of the woodwork in mass numbers, airdropping tokens and creating governance systems for specific projects. Just before the end of the year on December 31, the developers behind the Shiba Inu crypto protocol have announced the launch of a “Doggy DAO” in order to give more power to shiba inu users.
Shiba Inu Project Announces Doggy DAO
The second-largest crypto meme token in terms of market capitalization, shiba inu (SHIB), has announced the launch of a “Doggy DAO” in order to reward SHIB users. The SHIB development team says the project has always focused on “working towards decentralization.” The meme token has propelled itself into the limelight this year, gathering 43,685,107% against the U.S. dollar in 12 months, and getting listed on numerous crypto platforms, as well as gathering merchant acceptance.
On January 1, 2022, SHIB has been swapping for prices between $0.00003282 to $0.00003450 within the 24-hour range. While SHIB is up 8.1% during the last two weeks, over the last seven days, SHIB is down 7.6%. SHIB’s market valuation of $18.5 billion represents 0.79% of the $2.3 trillion crypto-economy on Saturday. The meme coin dogecoin (DOGE) is the only crypto meme market that’s larger than SHIB’s with $22.7 billion. The announcement from the SHIB team on Friday notes:
[The] Doggy DAO will be released in a stage-by-stage metric and phased approach. This allows the community to understand what are the needs, and requirements of the project while also attending to the possibilities that this ecosystem brings to our community.
