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The team behind Shiba Inu, the 13th largest cryptocurrency by market value, is preparing to launch a decentralized organization (DAO). In a post shared on X on August 25, Shiba Inu’s marketing leader Lucie announced that the Shiba Inu team will launch a DAO that allows memecoin holders to vote on future initiatives and have a say in the project’s future direction.
Significant Step by Shiba Inu Team
In the mentioned post, Shiba Inu DAO is preparing to become a significant player in decentralized governance with its upcoming launch. This transition will give every holder, regardless of their stake size, the authority to have a say in the community’s direction. According to Lucie, two councils dedicated to the DAO will guide social initiatives ranging from charitable activities to preserving the unique culture that comes with the Shiba Inu memecoin community.
Other tokens in the SHIB ecosystem, including BONE and LEASH, will also play a role in the DAO governance process. While BONE holders will prioritize expanding education and innovation, LEASH holders will focus on proposals related to inclusivity and transparency within the project.
The SHIB marketing head stated that the DAO would further expand the benefits offered by the SHIB ecosystem. On March 18, the SHIB team announced that ShibaSwap, a decentralized exchange (DEX) compatible with the Shiba Inu ecosystem, had been moved to the project’s in-house Shibarium blockchain network.
What’s Happening on the SHIB Front?
The SHIB price did not show a strong reaction to the latest announcement and is currently trading at $0.00001514, gaining 14% in the past week. Despite still having a market value of $8.9 billion, SHIB has fallen 82.4% from its all-time high of $0.00008616 reached in October 2021, according to CoinGecko data.
During an attack on the Indian crypto exchange WazirX on July 18, SHIB was among the tokens that faced the most selling pressure. WazirX attackers gained access to over $235 million in cryptocurrency during the attack. Approximately $100 million of this amount was SHIB, and its price fell by up to 15% during a series of transfers in which hackers emptied millions worth of SHIB.
