The team behind the Shiba Inu memecoin, the 13th-largest cryptocurrency by market cap, is preparing to launch a decentralized autonomous organization (DAO).
In an Aug. 25 X post, Shiba Inu (SHIB) pseudonymous marketing lead “Lucie” shared that the team would launch a DAO, allowing holders of the memecoin to vote on future initiatives and have a say in the future direction of the project.
Source: Lucie
“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.”
Two primary councils, the “Charity Council” and the “Culture & Heritage Council,” will direct the governance of the Shiba Inu DAO.
According to Lucie, these two councils will “steer community initiatives,” ranging from charitable outreach to “preserving the unique culture” that comes along with the Shiba Inu memecoin community.
Other tokens within the SHIB ecosystem, including Bone ShibaSwap (BONE) and Doge Killer (LEASH), will also play a role in the DAO governance process. BONE holders will be given precedence over expanding education and innovation, while LEASH holders will focus on proposals relating to inclusivity and transparency within the project.
SHIB’s marketing head said the DAO will further expand the utility the SHIB ecosystem offers.
On March 18, the SHIB team announced that ShibaSwap, a decentralized exchange aligned with the Shiba Inu ecosystem, had migrated to the project’s in-house Shibarium blockchain.
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The price of SHIB didn’t react strongly to the recent announcement and is currently trading at $0.00001514, having gained 14% in the last week.
Despite the memecoin still commanding a market capitalization of $8.9 billion, SHIB is down 82.4% from its all-time high of $0.00008616, which it notched in October 2021, according to CoinGecko data.
SHIB is still down 82.4% from its 2021 all-time high. Source: CoinGecko
During a July 18 exploit of the Indian crypto exchange WazirX, SHIB was among the tokens that suffered the most price damage.
During the hack, the WazirX attackers gained access to more than $235 million in cryptocurrencies. Of this figure, SHIB accounted for around $100 million, and its price dipped as much as 15% amid a series of transfers in which hackers unloaded millions worth of SHIB.
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