WOOF is the new doggo coin on the block. But this time, this memecoin is backed by a DAO of active enthusiasts. Here is the explainer.
Communities are the key to the growth of the cryptocurrency ecosystem; every great project has a great community behind it.
Large cryptocurrency projects often have people who are actively involved in knowledge sharing.
The well-known Decentralized Autonomous Organizations (DAOs) have quickly become the new model that several crypto projects use as a governance structure.
WOOF DAO is one of the newest communities in the crypto ecosystem. The Woof Coin is a cryptocurrency based on the new WOOF community – a project launched within the Solana ecosystem.
Woof Coin Overview
Woof Coin works as a token representing the Woof Dao community, it has a total market cap of $1,754,357, all-time high (ATH) value of $0,00545763 and an all-time low of $0.00000101.
WOOF Price Prediction For 2022
While WOOF reached an average price of 0.00010253 in August of this year, the average price of Woof for 2022 is expected to increase for the remainder of the year, to $0.00011427. It may even reach $0.00012836 by the end of the year.
The WOOF DAO community is growing rapidly, and the price of WOOF is expected to follow this growth. In this way, the growth of the community will be reflected in an increase in the value of the cryptocurrency.
WOOF Price Prediction for 2023
The price increase of WOOF will depend on the success of the WOOF DAO project. If the WOOF DAO community continues to grow it is expected that WOOF will reach a maximum average price of $0.00019151. On the contrary, if the community fails to become successful and maintains growth stable, the price of WOOF is estimated to reach an average minimum price of $0.00016143.
WOOF Price Prediction for 2024
The DAO community model is growing rapidly. In this sense, it is expected that the young crypto communities that are using this governance structure will grow rapidly, attracting new crypto enthusiasts around the world. Following this line of expansion, the price of WOOF is expected to reach an average maximum of $0.00028234, with an average trading price of $0.00025073.
What do the experts say?
Nicolas Tang is the Director of internal communications of crypto trading and investment platform Phemex. “WOOF is yet another entry in a long list of dog-themed memecoins. This iteration was built on Solana and comes as a DAO. In addition, it has all of the bells and whistles we’re accustomed to seeing now, such as a DEX, NFT projects, token burning, and lofty ambitions to become ‘the best community and social token on the Solana blockchain.’ Personally, I struggle to see the long-term value of meme tokens.
“That said, I have come to accept that some exceptional examples have a place in our industry. Though it started as a joke, Dogecoin’s impact in driving new users is undeniable. Similarly, Shiba Inu has undoubtedly contributed to a significant level of activity on Ethereum. Can WOOF replicate their level of success and help elevate Solana? I’m not sure I see anything too remarkable yet, but I will keep a watchful eye nonetheless.”
Sebastian Aranguiz is the Founder of Krypto Ledgers. “Woof looks like a promising –fully decentralized – project on a scene long plagued by rug pulls and questionable actors. Time will tell if Solana’s ideals of a fully social token can be realized, and not end up as just another meme coin used for quick gains (and dumps).”
What is Woof Coin Used For?
WOOF coin is the main cryptocurrency of the WOOF DAO project. It was created with the purpose of being used as a token within the WOOF DAO project.
According to the WOOF Coin official website, “Woof Solana ($WOOF) is the first fully decentralized meme coin which is owned and governed by its holders through a DAO. Woof Solana is building a range of products for holders to utilize the WOOF token. So far, we have built our own DEX and Swap platform. We want WOOF to be a fun place to help onboard new users to Solana and crypto in general. A place where they can learn about the space.
“WoofSwap allows users to trade, swap, and provide liquidity on the Solana network. Our platform gives the WOOFPACK access to trade all of their favorite Solana tokens in one place. All transaction fees go back to the Community DAO wallet to be reinvested into the Protocol and Community.”
The Woof coin is mainly used for the following points:
-Provide liquidity to Solana Network
-WOOF DEX fees
-NFT trading fees
The site goes on to say that the main mission for $WOOF is building a community and a social token on the Solana blockchain. “We’ve learned as we’ve been building that the common ‘dog’ tokens ($DOGE, $SHIB, etc.) are very popular because they are fun and very easy to get into for the general, non-crypto community. In the coming months, $WOOF will be building a fleet of easy-to-understand services that more novice cryptocurrency users can use. They can trade tokens on Solana, buy/sell NFTs and learn about the blockchain industry, DeFi, avoiding dangerous schemes within the space.”
What is the project behind the WOOF coin?
The project behind the WOOF Coin is called WOOF project and it works in four different way:
1. Woof Community
3. Decentralized Exchange
The community behind the WOOF coin is called the WOOF Community, and it is growing rapidly. According to the whitepaper, “Our community aims to grow into a reputable entrypoint for new users in crypto, education, providing easy-to-comprehend resources and having fun together. Social events, giveaways and collaborations with other projects are all important to this growth, but something we feel a need to do as a project inspired by ‘man’s best friend,’ is to give back to animals, as well as humans.”
The $WOOF Charity Initiative will partake in charitable drives, and members of the DAO will decide how funds will be distributed.
Education plays a major role in crypto when it comes to matters of financial inclusion. The founders of the project say the aim is to operate it as a low barrier-to-entry onboarding platform for users learning about crypto and Solana. “$WOOF will publish blogs, videos and walkthroughs for the major concepts and tools in Solana, as well as wider topics in DeFi and NFT across different chains.”
NFTs will play a key role in the WOOF Community. There are two NFT series in the $WOOF ecosystem. The $WOOF Gen Art Series is for NFT projects in the $WOOF launchpad.
The second NFT project is a multi-dog breed avatar which gives access to the DAO and community governance of $WOOF.
The WOOF DAO is central to the WOOF project. Holding at least 5 million WOOF and/or one or more NFTs will give the holder a vote in the DAO. This minimum stake guarantees a seat at the table. Each person only has one vote in any matter. This stops whales from being able to buy the vote. The purpose of the DAO will be to govern the protocol, manage treasury funds and decentralize leadership.
Is Woof Coin the Best Coin to Buy in 2022?
WOOF Coin is positioned as an interesting purchase option for 2022, with an upward projection in its future price.
WOOF Coin is backed by a strong community, supported by the well-known Solana project. In this sense, the WOOF DAO community is expected to grow rapidly.
The success of the project will depend on the community. If it remains robust, they will be able to achieve great things.
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