The team behind Shiba Inu (SHIB), the 13th largest cryptocurrency by market cap, is gearing up to introduce a decentralized autonomous organization (DAO). This move marks a significant step towards community-driven governance for the popular memecoin.
In an August 25 post on X, Shiba Inu’s pseudonymous marketing lead, Lucie, revealed the team's intentions to launch a DAO. This initiative will enable SHIB holders to vote on future initiatives and have a direct influence on the project’s direction. Lucie stated,
“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.”
The governance of the Shiba Inu DAO will be guided by two main councils: the “Charity Council” and the “Culture & Heritage Council.” According to Lucie, these councils will “steer community initiatives,” from charitable outreach to “preserving the unique culture” of the Shiba Inu community.
Other tokens within the SHIB ecosystem, such as BONE and LEASH, will also participate in the DAO governance process. BONE holders will prioritize initiatives related to education and innovation, while LEASH holders will focus on proposals aimed at inclusivity and transparency within the project.
Lucie added that the DAO would further enhance the utility provided by the SHIB ecosystem. This follows the March 18 announcement that ShibaSwap, a decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, has migrated to the project's in-house Shibarium blockchain.
Despite the announcement, the price of SHIB remains steady at $0.00001514, reflecting a 14% gain over the past week. However, SHIB's market capitalization stands at $8.9 billion, a significant decline from its all-time high of $0.00008616 in October 2021, as reported by CoinGecko.
Notably, SHIB was significantly impacted during a July 18 exploit on the Indian crypto exchange WazirX, where the attackers accessed over $235 million in cryptocurrencies. SHIB accounted for approximately $100 million of this figure, resulting in a 15% price drop as hackers offloaded millions worth of the token.
