- Shiba Inu is launching a DAO to give SHIB holders more control over the project’s direction through decentralized governance.
- The initiative includes two key councils and will involve SHIB ecosystem tokens like BONE and LEASH in the decision-making process.
Shiba Inu, the popular memecoin, is stepping up its game by introducing a decentralized autonomous organization (DAO) aimed at giving holders more control over the project’s future. The announcement, made by the pseudonymous marketing lead “Lucie” on August 25, highlights the team’s ambition to integrate decentralized governance into the SHIB ecosystem.
Shiba Inu’s Move Toward Decentralized Governance
As the 13th-largest cryptocurrency by market cap, Shiba Inu (SHIB) has always garnered attention for its active and passionate community. With this upcoming DAO launch, SHIB holders will now have the power to vote on key initiatives and influence the direction of the project, no matter how large or small their stake is.
“Shib is preparing to become a key player in decentralized governance with the upcoming launch of its DAO. This transition will empower every holder, regardless of the size of their stake, to have a say in the community’s direction,” Lucie shared.
The DAO will feature two primary councils: the Charity Council and the Culture & Heritage Council. These councils will be responsible for steering community initiatives, ranging from charitable activities to preserving the unique culture of the Shiba Inu ecosystem.
Expanding SHIB’s Ecosystem Through Governance
The introduction of the DAO is expected to expand SHIB’s utility beyond its memecoin origins. Other tokens within the ecosystem, including Bone ShibaSwap (BONE) and Doge Killer (LEASH), will also play integral roles in the governance process. BONE holders, for instance, will focus on education and innovation, while LEASH holders will prioritize inclusivity and transparency within the project.
The SHIB team’s broader vision also includes the ShibaSwap decentralized exchange, which recently migrated to its in-house Shibarium blockchain. This move has been pivotal in strengthening SHIB’s infrastructure and ecosystem.
Price Action and Market Sentiment
Despite this significant development, the price of SHIB hasn’t shown much reaction, currently trading at $0.00001514—a 14% increase over the past week. However, the memecoin remains 82.4% below its all-time high of $0.00008616, set in October 2021.
Shiba Inu’s price also faced pressure following a July 18 exploit of the Indian crypto exchange WazirX, during which SHIB accounted for $100 million of the $235 million stolen. The incident led to a 15% price dip as attackers unloaded millions worth of SHIB on the market.
With the DAO’s launch, Shiba Inu aims to enhance the project’s community-driven nature while bolstering its long-term growth and stability. As SHIB continues to evolve beyond its memecoin roots, the community’s influence on decision-making could play a crucial role in shaping the project’s future trajectory.
