After Shibu Inu, Floki Inu Next In Line To Transition Into A DAO

Floki Inu, a crypto birthed from the Shiba community and named after Elon Musk’s pet, is now set to follow in the SHIB token’s footsteps by transitioning into a Decentralized Autonomous Organization, or DAO for short. To preface this, DAO is a community-led entity with no central leadership, thereby promoting transparency and autonomy.

This update seems to have been positively received by the community at large, since Floki Inu’s price today reached $0.000074 USD, indicating a 6.18% rise in value in the last 24 hours. An announcement regarding this news was made via twitter yesterday, on 9th January:

They also told that this transition is set to start in a “phased” manner from next week. The team will allegedly be providing us with updates on the state of affairs in the process of transforming to a DAO as and when the procedure formally begins.

What It Means For FLOKI Going Forward

On completing this transition, Floki will convert to a community driven entity, where the Vikings community and associated members holding the cryptocurrency, will be able to exercise power by voting on key issues using their FLOKI token.

On it’s official thread, Floki Inu proclaimed that, “This phased transition to a DAO makes FLOKI more decentralized and secure. It also eases the process of FLOKI being listed on key exchanges.”

Based on reports from Crypto News, FLOKI’s team also reviewed the data and information closely from several reliable sources and found that several key industry players like Binance Coin (BNB), the third biggest cryptocurrency in the world, Kucoin, one of the world’s biggest exchanges, and The Giving DAO have already shifted their focus towards DAO-related projects. From their discussions with exchanges and key advisers, it’s concluded that the move will help in ensuring “faster growth and adoption” for the cryptocurrency. It would, perhaps, be reassuring for investors to note that even the underlying code for this digital token itself can be audited publicly once this transition is over, thereby facilitating the growth of this crypto coin.

The decision was also made by the team for achieving the objective of expanding tradability on as many mainstream CEXs as possible, and was apparently decided upon after having extensive consultations with these CEXs and other expert advisors familiar with their inner workings.

With all this taken into account, the FLOKI team saw this transition into DAO as the best way forward, emphasizing on twitter that, “FLOKI has always intended to be a DAO, and this move is a combination of timing (necessity due to the need to be more decentralized to foster adoption and keying into a important and defining trend) as well as working towards actualizing one of $FLOKI’s early goals.”

That said, it is important to note that the team will continue to play a key role in marketing, development, and much more, even after its conversion to a Decentralized Autonomous Organization. Regardless, this will remain as a core turning point for Floki Inu and the future of this project.

Sneh Dokania is an Economics major student with an inquisitive disposition seeking to articulate facts, information and news stories in a candid manner on Clout News.

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