The price of Shiba Inu (SHIB) non-fungible-token (NFT) Shiboshi spiked following the official launch of DoggyDao Phase 1 on ShibaSwap.
According to the data shared by MILKSHAKE, a Twitter account dedicated to the Shiba Inu community, the floor price for a unit of Shiboshi surged to 1.3 ETH on DoggyDAO launch day.
Before the launch of DoggyDao on 18th February, the Shiboshi floor price had been changing hands between 1 and 1.2 ETH since the start of the year.
MILKSHAKE tweeted, “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.”
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
It can be recalled that the SHIB team announced the launch of Shiboshis back in October last year. Shiboshis is a collection of 10,000 units of non-fungible tokens that are powered by the Ethereum blockchain.
Depending on the time it’s minted, each NFT costs between 0.1 and 0.3 ETH. The first digital collectible that was minted lasted for about 34 minutes. However, the teeming members of the Shiba Inu community attempted a purchase around the same time, resulting in a significant rise in gas fees on the Ethereum blockchain. Some users had to pay around $700 in fees due to network congestion.
Now that the floor price has risen to 1.3 ETH, Shiboshis holders are now in about 1500% profit.
Why the Launch of DoggyDao Is Important
The launch of DoggyDAO will now give ShibaSwap users the ability to cast their votes with the help of tBONE tokens, which can be obtained by staking the BONE governance token. Each voting session takes five days before it’s closed.
According to the announcement, the team will be gathering community feedback before advancing with a new version.
The launch enables the community to pick new trading pairs biweekly. A total of 30 trading pairs will be added to the liquidity pools, the report added.
The developers urged the community members to do their research before giving their vote to any particular project so that risky digital currencies won’t end up on ShibaSwap.
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