Shiba Inu unveils plans for a Decentralized Autonomous Organization
Shiba Inu (SHIB) is launching a DAO to give holders a voice in governance.
The DAO will feature two councils: Charity and Culture & Heritage.
SHIB’s price is down 82.4% from its 2021 peak, despite growing real-world use.
Shiba Inu (SHIB), the leading meme coin and the 13th-largest cryptocurrency by market capitalization, is preparing to launch its own Decentralized Autonomous Organization (DAO).
Announced by the project’s marketing head “Lucie” on August 25 in a comprehensive post on X, this move marks a pivotal shift in the meme coin’s governance structure, empowering its community with a more significant role in shaping its future.
From a community-driven experiment to a major player in crypto
Shiba Inu, which began as a community-driven meme coin experiment in 2020, has evolved from a modest digital asset into a major player in the cryptocurrency landscape. Created by the enigmatic Ryoshi, Shiba Inu started with no clear purpose other than to test the possibilities of a token driven entirely by its community.
After Ryoshi relinquished control by burning the keys to the token’s supply, the project fell into the hands of volunteer Shytoshi, under whose leadership Shiba Inu has garnered global recognition and substantial market presence.
Introducing a governance model for SHIB holders
The forthcoming DAO will introduce a new governance model where SHIB holders will have a voice in the project’s future direction. This model aims to democratize decision-making within the Shiba Inu ecosystem, giving every holder, regardless of their stake size, a say in key initiatives.
The DAO will be guided by two primary councils: the Charity Council and the Culture & Heritage Council. These councils will oversee community-driven efforts such as charitable outreach and preserving the unique culture of the Shiba Inu community.
In addition to SHIB, other tokens in the Shiba Inu ecosystem, including Bone ShibaSwap (BONE) and Doge Killer (LEASH), will play roles in DAO governance.
BONE holders will focus on education and innovation, while LEASH holders will address inclusivity and transparency within the project.
Shiba Inu (SHIB) price performance
Despite Shiba Inu’s significant achievements, including its integration into everyday transactions through various merchant partnerships, the price of SHIB remains down 82.4% from its all-time high of $0.00008616 recorded in October 2021.
The meme coin’s price has also been affected by recent events, including a major hack of the Indian exchange WazirX, which resulted in substantial losses for SHIB holders.
At press time, SHIB was trading at $0.000015 up 13.8% over the last week as it tries to recover from the recent drop.
As Shiba Inu continues to adapt and expand, its move toward decentralized governance represents a major milestone in its journey from a community experiment to a leading cryptocurrency. The introduction of the DAO is set to enhance the token’s governance, utility, and impact, reaffirming Shiba Inu’s commitment to leveraging the power of decentralized initiatives.
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