Shiba Inu (SHIB) is up to Launch its New Decentralized Autonomous Organization (DAO)

• Prominent meme-coin Shiba Inu is all set to bring its very own DAO
• DAO will be in two different phases, will bring more authority in the stakeholder’s hands instead of whales
• Currently, Shiba Inu is at $0.000034 by facing a drop of 13% in a week

Most of the Cryptocurrencies out there have added DAO, giving the community an extra edge. Shiba Inu, a well-known meme-coin in the crypto market, has prepared to launch its own Decentralized Autonomous Organization named DOGGY DAO.  

Shiba Inu was launched in August 2020. It marketed and promoted itself as a “Dogecoin killer,” a satirical meme-coin in existence. It even kept its name Shiba, a dog breed depicted in the Dogecoin’s Symbol picture. In the beginning, Shiba Inu was concerned because billions of coins could be bought by any ‘whale’ wallet. Then it will create a false scarcity in the market, and eventually, more demand will raise the price more than it’s worth. It would end up being a pump-and-dump scheme. But it went well, and none of this happened. 

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Although it adopted crazy approaches to gain popularity, they rumored that they’ve sent an enormous 50 trillion SHIB, Shiba Inu tokes to Vitalik Buterin (founder of ethereum) and marketed this as Vitalik had invested in Shiba Inu by buying its token. However, Vitalik kept those tokens (worth $1 billion) and later donated them to India’s Covid crypto relief fund. 

Moving forward, taking positive steps in its development, it had announced a long time back and now bringing its DAO. This DAO will allow the stakeholders to vote in favor or disagreement of any proposal in the coin and even give them the authority to add new proposals, and this is the plan yet; further plans have not been disclosed related to the same.

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Now DOGGY DAO is on its way to launch in two phases. DAO 1 will be there soon with the provisions for the users to decide which trading pairs and crypto projects will be there on its decentralized exchange platform (DEX), Shibaswap. The users can now decide which crypto should be paired with whom, which should be present there on exchange. The Shibaswap exchange uses BONE as their platform token, which will act as a governance token for DOGGY DAO. These BONE tokens will be staked and form tBONE which will act as voting token ensure users’ eligibility to vote for proposals within DOGGY DAO. 

The voting system will be the same as we know—the more coins in favor of any initiative, the more their chances of being added on exchange. More the people will like the idea, the more tokens will be staked in it eventually will be chosen to implement. 

These implemented changes will be there until the next Voting. Next Voting will be held after 14 days of first voting. Until then the accepted changes will be applied on the platform. The procedure of voting will also be started 7 days prior to voting day.

Its second phase, DAO 2, will allow users and stakeholders to send their suggestions and proposals they want to be considered. At present, only these phases of DAO have been disclosed, and further phases and updates will be a matter of concern. Currently SHIB standing with its value $0.000033.