Woof introduces DAMN, a new token in Shibarium

Woof, a key figure behind WoofSwap, has introduced DAMN, a new token that is now positioned to spark interest in Sibarium. The token has already gained the tag of being a SOL killer. TVL of $2.45 million has welcomed its introduction, and it has grown by approximately 6.371% over the last month. That is specifically applicable to Shibarium.

Woof has backed the introduction of DAMN, stating that it is a captivating decentralized experiment that resides in Shibarium. They have clarified that ownership is in the hands of the community and not in their hands, adding that it is a collective asset that is owned by the community.

What sets it apart is the fact that it has extended unwavering support to Shibarium with more than 6,627.74 wrapped BONE – wBONE. Additionally, it has extended 77,386,493 SolKiller DAMN. Woof, for one, is clear about making DAMN a true representative of meme coins in Shibarium. That is something that attracts people on SOL to join Shibarium. Moving forward, Woof has said the actions will be based on how crypto trends emerge. The team is observing crypto trends, and upcoming actions will be decided accordingly.

DAMN’s trading volume was last reported to have hit the mark of $3 million with a growth of 500% in the token value, registering an all-time high value since its inception. The surge in trading volume comes just five days after the launch. The Shib Army has backed the token. Thereby, it amplifies its presence across all social media platforms.

SOL’s trading value has not been affected a lot. It is slightly up by 0.25%, listed at $186.92 at the time of drafting this article. SHIB, on the other hand, has seen a significant jump of 5.06% in the last 24 hours, hitting the mark of $0.00003201.

The team is now working to enhance the visibility and accessibility of DAMN, which is alternatively known as a new kid on the block(chain).

Interestingly, a vote on X chose its official moniker. This highlights two aspects: democracy shall prevail when it comes to DAMN, and collective innovation is valued far more in the Shib ecosystem.

The move comes at a time when there is rising interest in the cryptosphere. The fact that there are more institutional and retail investors than before indicates that it will accelerate in the coming times. Simply put, there are a larger number of traders in the cryptosphere than there were before. Traders will only look to explore more tokens, since diversification in portfolios is an obvious next step.

It now remains to be seen how the accessibility and visibility of DAMN are enhanced by the ecosystem. Also, how long does it sustain the ATH that has been attained in a short time?

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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