As a new year takes shape, investors ponder what it will mean for the pupcoin pack. Shiba Inu (CCC:SHIB-USD) has indicated that it will benefit from the recent Microsoft (NASDAQ:MSFT) acquisition of Activision Blizzard (NASDAQ:ATVI). Its cousin, Floki Inu (CCC:FLOKI-USD), hasn’t had a great start to the year either. According to a recent statement issued by the team behind the token, though, a major catalyst is coming. The Floki Inu crypto is pivoting to a decentralized autonomous organization (DAO) structure.
What’s Happening With Floki Inu Crypto
Two days ago, Floki’s team published an article on Medium laying out plans for the FLOKI DAO upgrade. According to the statement, this move will make Floki even more decentralized. That’s just where it starts, though. Throughout the statement, one underlying theme is clear. Floki wants to be listed on major crypto exchanges and it sees becoming a DAO as the most direct path to that. The meme token’s team has made numerous attempts to list itself on popular exchanges, but even the better-established Shiba Inu is having difficulty achieving such a feat.
It seems that upgrading to a DAO may indeed be the answer.
Ahead of the upgrade, current exchanges will be prepping to support the DAO shift. One such exchange, Giottus Crypto, recently tweeted that it will support the new FLOKI DAO, beginning Jan. 22.
Giottus will support the FLOKI DAO upgrade that will begin at 1.30pm (IST) on Saturday (22 Jan). All deposits and trading of FLOKI will be disabled from 1.00pm (IST) on Saturday.
— Giottus Cryptocurrency Exchange (@giottus) January 20, 2022
What to Expect
What kind of timeline should Floki holders be expecting? Not a long one, it seems. According to the statement, the team expects that first phase of the upgrade will be completed in no more than 48 hours. Floki holders are asked only to sit back and hold their tokens for a temporary trading cease. The statement also indicates that all exchange platforms that currently support Floki have agreed to support the upgrade.
Floki’s team believes firmly that a DAO makes the most sense. As it states, “Data and trends show clearly that the DAO is the future of crypto as indicated by moves by crypto giants Binance, Kucoin, ByBit and respectable names like philanthropic giant Kimbal Musk.” Although it does not cite any actual data, experts on platforms such as underscore.vc and Cointelegraph have issued similar takes on the potential of DAOS. The team added:
“More importantly, it positions FLOKI to truly be where we can get the kind of adoption we need to be a top cryptocurrency.”
The statement also indicates that Floki’s decentralized finance partners are all on board with the upgrade. Anyone who used the FLOKI token as collateral for a loan on Inverse Finance has until tomorrow to repay it or face liquidation.
What to Expect From Floki Inu
This could definitely be a significant step forward for Floki. The team is focused on increasing adoption for Floki Inu crypto, as it should be. The reaction to the Twitter announcement has been generally quite positive.
This comes at a time when the token is drawing many mixed opinions from financial sector insiders. While Floki’s new features have been touted by some, others have raised concerns. InvestorPlace contributor Faizan Farooque has speculated that a lack of real-world utility will harm meme tokens such as Shiba and Floki in the long run. That said, Floki’s recent partnership with Shopping.io has helped the token establish itself as a means of exchange within the e-commerce world.
Now the Floki Inu crypto is about to begin its next phase. If its team is correct, it could mean finally gaining the adoption it needs to start achieving sustainable growth.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.