The 13th largest cryptocurrency by market value, Shiba Inu, is set to introduce a decentralized organization (DAO). Announced on August 25 by Shiba Inu’s marketing lead, Lucie, this DAO will enable memecoin holders to vote on future projects and influence the direction of the initiative. This development represents a notable shift towards inclusive governance within the Shiba Inu community.
Challenges for Shiba Inu Holders?
With the launch of the Shiba Inu DAO, every member, irrespective of their investment size, will have a voice in determining the community’s path. Lucie emphasized that dedicated councils within the DAO will oversee activities spanning from charitable ventures to maintaining the Shiba Inu culture. This move indicates a significant step towards decentralized governance for the token.
BONE and LEASH, other tokens in the SHIB ecosystem, will also contribute to DAO governance. BONE holders will focus on enhancing education and innovation, while LEASH holders will prioritize inclusivity and transparency within the project. This multifaceted approach aims to harness the strengths of the community comprehensively.
How Will the DAO Impact SHIB Ecosystem?
The SHIB ecosystem stands to gain additional benefits from the DAO. Earlier this year, the SHIB team revealed that ShibaSwap, a decentralized exchange (DEX) compatible with the Shiba Inu network, had migrated to the Shibarium blockchain. This strategic move is expected to further integrate and expand the functionalities within the SHIB ecosystem.
User Insights and Implications
The Shiba Inu DAO offers various actionable insights for users:
- Empowerment: Token holders will have a direct impact on future projects and community direction.
- Inclusivity: The DAO structure ensures equitable participation, regardless of stake size.
- Education: BONE token holders are focusing on expanding educational initiatives within the ecosystem.
- Transparency: LEASH holders will drive efforts to maintain project transparency and inclusivity.
Despite this promising development, SHIB’s price has shown limited response, trading at $0.00001514, representing a 14% increase over the past week. However, it still suffers an 82.4% decline from its peak in October 2021, with a current market value of $8.9 billion.
In recent events, SHIB experienced significant selling pressure during an attack on the Indian crypto exchange WazirX on July 18. Hackers accessed over $235 million, of which $100 million was in SHIB, causing its price to drop by 15% during the incident.
