Shiba Inu Introduces DAO to Empower SHIB Holders in Project Governance

The Shiba Inu team, creators of the 13th largest cryptocurrency by market cap, is planning to launch a decentralized autonomous organization (DAO) that will give SHIB holders a say in the project’s future. On August 25, Shiba Inu’s pseudonymous marketing lead, Lucie, announced the DAO in a post on X. This initiative will allow holders to vote on important decisions and help shape the direction of the memecoin.

“Shib is preparing to become a key player in decentralized governance with the launch of its DAO. This move will give every holder, no matter their stake size, a voice in the community’s direction,” Lucie stated.

The Shiba Inu DAO will be led by two main councils: the “Charity Council” and the “Culture & Heritage Council.” These councils will oversee community efforts, from charitable activities to maintaining the unique culture of the Shiba Inu community.

Additionally, other tokens in the SHIB ecosystem, such as BONE and LEASH, will have roles in the DAO’s governance. BONE holders will focus on education and innovation, while LEASH holders will handle proposals related to inclusivity and transparency.

Lucie emphasized that the DAO will further increase the utility of the SHIB ecosystem.

Earlier this year, on March 18, the SHIB team announced that ShibaSwap, a decentralized exchange (DEX) within the Shiba Inu ecosystem, had successfully migrated to their in-house Shibarium blockchain. Despite this major milestone, SHIB’s price remained relatively stable, currently trading at $0.00001514 with a 14% gain over the last week.

Even though SHIB still has an $8.9 billion market cap, it’s down 82.4% from its all-time high of $0.00008616 in October 2021, according to CoinGecko. SHIB was also affected by the July 18 hack of the Indian crypto exchange WazirX, where attackers stole over $235 million in cryptocurrencies, including about $100 million in SHIB. As a result, SHIB’s price dropped by up to 15% as the hackers unloaded millions of tokens.