Following the launch of Shiba Inu Doggy Decentralized Autonomous Organization (DAO) Phase 1 on ShibaSwap, the floor price of the Shiboshi skyrocketed after the announcement.
According to data on Ethereum-based decentralized exchange, the floor price for a unit of Shiboshi spiked to 1.3 ETH ($3,661).
Prior to the launch of the SHIB Doggy DAO, the Shiboshi floor price had fluctuated between 1 and 1.2 ETH this year.
However, the Shiba Inu community popularly referred to as the SHIBArmy grew more confident in the SHIB project through the launch of the recent initiative, as they got to have more control to influence the future of the cryptocurrency.
This development shot the floor price of the Shiba Inu NFT to greater levels.
Recall that in October last year, the SHIB team announced the launch of Shiboshis, a collection of 10,000 units of non-fungible tokens that are built on the Ethereum blockchain.
Each NFT costs between 0.1 and 0.3 ETH, depending on the time each digital collectible is minted. The first minting exercise lasted for only 34 minutes as the SHIBArmy hurried to lay their hands on a piece, thus causing a spike in the price of Ethereum gas fees, with some users paying as high as $700 in fees.
With the floor price surging to 1.3 ETH, holders of Shiboshis are now in profit of up to 1,500%.
The #Shiboshis floor price trends up to 1.35 ETH upon the release of DOGGY DAO's announcement and becoming part of the Locked Pairs.
This rewards many NFT holders for the Shiba Inu ecosystem. #ShibArmy $SHIB pic.twitter.com/R9QAjXBLNe
— MILKSHAKE (@shibainuart) February 18, 2022
Shiba Inu Doggy DAO
The Doggy DAO is part of plans by the Shiba Inu team to transition the project into a “true decentralized ecosystem,” the team said in an AMA session held last year.
According to the SHIB team, Doggy DAO will also expand the Shibarium Layer-2 chain and the Shibaverse metaverse project.
Henceforth, the governance of the entire Shiba Inu ecosystem will be given to the community who will be required to vote on key updates that will help solidify its future.
Before partaking in the Doggy DAO, members of the Shib Inu community will be required to own the $BONE token, the governance token of the project.
However, unlike other DAO initiatives, the $BONE token holders must stake the cryptocurrency in a bid to earn $tBone, which will be used to vote on important proposals.
“The more BONE you hold, the more weight your vote carries in these future endeavors,” Shiba Inu said in the SHIB woofpaper.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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