The marketing director of Shiba Inu has disclosed plans for a decentralized autonomous organization (DAO) that will enable holders of SHIB tokens to influence the future of the memecoin project.
A decentralized autonomous organization (DAO) is being prepared by the team responsible for the Shiba Inu memecoin, the 13th largest cryptocurrency by market capitalization.
Shiba Inu Team to Establish DAO
Shiba Inu’s (SHIB) pseudonymous marketing lead, Lucie, disclosed to X in an Aug. 25 post that the Shiba Inu team would establish a decentralized autonomous organization (DAO). This would enable memecoin holders to vote on future initiatives and influence the project’s trajectory.
“Shib is gearing up to establish itself as a significant player in decentralized governance with the forthcoming launch of its DAO.” This transition will enable all holders, irrespective of the extent of their stake, to participate in the community’s direction.
The governance of the Shiba Inu DAO will be overseen by two primary councils: the “Charity Council” and the “Culture & Heritage Council.”
Lucie asserts that these two councils will “guide community initiatives,” encompassing charitable outreach and preserving the distinctive culture associated with the Shiba Inu memecoin community.
The DAO governance procedure will also involve other tokens in the SHIB ecosystem, such as BONE and LEASH. BONE holders will be prioritized over LEASH holders regarding proposals regarding inclusivity and transparency within the initiative, while LEASH holders will prioritize expanding education and innovation.
The marketing director of SHIB stated that the DAO will further enhance the utility of the SHIB ecosystem.
The SHIB team announced on March 18 that ShibaSwap, a decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, had transitioned to the project’s in-house Shibarium blockchain.
Shiba Inu Price Surge soon?
The recent announcement did not elicit a significant response from the price of SHIB, which is presently trading at $0.00001514, a 14% increase from the previous week.
CoinGecko data indicates that SHIB has declined by 82.4% from its all-time high of $0.00008616 in October 2021, despite the memecoin’s current market capitalization of $8.9 billion.
Among the tokens that experienced the most price harm during a July 18 exploit of the Indian crypto exchange WazirX was SHIB.
During the breach, the WazirX attackers acquired access to over $235 million in cryptocurrencies. SHIB was responsible for approximately $100 million of this sum, and its value experienced a 15% decline due to a series of transfers in which hackers sold millions of dollars worth of SHIB.
