The meme coins are still here. Recently Elon Musk posted a picture of his dog Floki and introduced him as the new CEO of Twitter. This meme has triggered a rise in the price of some dog-themed tokens, so it seems that new cryptocurrencies dedicated to furry creatures will continue to appear and try to repeat the success of existing ones.
Of course, many people choose old and proven coins and buy THETA, BTC, ETH, etc. But there will always be those who want to take a risk and are looking at something new. So do dog-themed cryptocurrencies have a right to exist? Let’s take a WOOF token as an example and assess its pros and cons.
What is WOOF?
WOOF is a native token of the WOOF network. It is one more meme token, launched on the Solana Blockchain. The main use case for this token is governing of the WOOF DAO community. The token holders have a right to vote for various solutions that occur with the development of the platform. WOOF is an abbreviation for “We Own Our Future”. This project is dedicated to a dog welfare charity. This goal is being achieved by redirecting the percentage of fees to charity projects selected by DAO.
The project also helps to educate both people who are new to crypto, helping them to onboard, as well as experienced users who would like to improve their knowledge. It supports traders by providing decentralized trading tools on the Solana blockchain. This blockchain is quite popular and hardly anyone else wonders what is Solana. Moreover, WOOF project creators can get help and promotion from the network, which sounds extremely motivating for developers.
As it is stated on the official website, WOOF became an experiment in impromptu community creation. In November 2021 a decentralized community was formed. The first token supply included 1 tr of WOOF, the whole amount was airdropped to early supporters. The release happened in May 2021. 50% of the supply was burnt daily. So the total amount decreased to 20 bn. The project survived a hard time during a bear cycle, however, the team came up with the idea of starting to build an NFT marketplace, which paid out well for the community. Thus, during the next airdrop in September 2021 they gave out NFTs.
Unfortunately, even though one of the accents of the WOOF platform is transparency, the real names or nicknames of the initial founders are unknown. This may be an alerting fact that the initial team decided to not reveal their identities, and looks like a disadvantage of the project. Nonetheless, they do share their future plans for the project and communicate with customers on social networks.
As for advantages, the community is a key factor for success. The wider and more supportive the community is the more benefits every single participant will get. WOOF was able to retain more than 95% of the community members during the roughest times, which shows the strength of it.
Also, the project supports all the dog breeds without choosing the preferable one, unlike its rivals.
Their marketplace is supposed to become an aggregator for NFT marketplaces built on the Solana blockchain, a real time saver.
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