Shiba Inu Announces Plans to Launch DAO

August 26, 2024 03:16 PM AEST | By Team Kalkine Media

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Shiba Inu Announces Plans to Launch DAO — Image source: shutterstock

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The team behind Shiba Inu (SHIB), the 13th largest cryptocurrency by market capitalization, is set to introduce a decentralized autonomous organization DAO to enhance community governance. In an announcement made on August 25, Lucie, the pseudonymous marketing lead for Shiba Inu, outlined plans for the DAO, which aims to provide SHIB holders with a direct role in shaping the project’s future.

The proposed DAO will feature two primary councils: the “Charity Council” and the “Culture & Heritage Council.” The Charity Council will oversee community-driven charitable initiatives, while the Culture & Heritage Council {Crypto} will focus on preserving the unique culture associated with the Shiba Inu community

The governance structure will also incorporate other tokens from the Shiba Inu ecosystem. BONE holders will have a primary role in fostering education and innovation, while LEASH holders will be responsible for addressing proposals related to inclusivity and transparency within the project.

Lucie emphasized that the DAO is intended to expand the utility of the SHIB ecosystem, providing a platform for SHIB holders to influence key decisions and initiatives. This move aligns with broader trends in decentralized governance, giving stakeholders more control over project development.

In addition to the DAO announcement, the Shiba Inu team recently migrated ShibaSwap, a decentralized exchange (DEX) associated with SHIB, to its own Shibarium blockchain. Despite these developments, SHIB’s market response has been relatively muted. The token is currently trading at $0.00001514, reflecting a 14% gain over the past week.

However, SHIB remains significantly below its all-time high of $0.00008616, recorded in October 2021. The token experienced notable volatility following a security breach at the Indian crypto exchange WazirX on July 18, during which SHIB was among the assets affected. The breach resulted in significant price fluctuations and a temporary 15% decline in SHIB’s value as hackers liquidated substantial holdings.

The introduction of the DAO marks a significant step in Shiba Inu’s ongoing efforts to enhance community engagement and governance.

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