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08/25/2024

Shiba Inu Memecoin Announces Plans to Launch a DAO

The team behind Shiba Inu, the 13th-largest cryptocurrency by market cap, is preparing to launch a decentralized autonomous organization (DAO). In an August 25 post on X, Shiba Inu's (SHIB) head of marketing, operating under the pseudonym Lucie, announced that the Shiba Inu team will launch a DAO that lets memecoin holders vote on future initiatives and have a say in the project's direction. "Shib is preparing to become a key player in

Shiba Inu Memecoin Announces Plans to Launch a DAO

The team behind Shiba Inu, the 13th-largest cryptocurrency by market cap, is preparing to launch a decentralized autonomous organization (DAO).

In an August 25 post on X, Shiba Inu's (SHIB) head of marketing, operating under the pseudonym Lucie, announced that the Shiba Inu team will launch a DAO that lets memecoin holders vote on future initiatives and have a say in the project's direction.

"Shib is preparing to become a key player in decentralized governance with the upcoming DAO launch. This transition will empower every holder, regardless of their stake size, to have a voice in the direction of the community."

Two main councils — the "Charity Council" and the "Culture & Heritage Council" — will oversee governance of the Shiba Inu DAO.

According to Lucie, the two councils will "guide community initiatives," ranging from charitable activities to the "preservation of the unique culture" associated with the Shiba Inu memecoin community.

Other tokens in the SHIB ecosystem, including BONE and LEASH, will also participate in the DAO governance process. BONE holders will be prioritized for educational outreach and innovation, while LEASH holders will focus on proposals related to inclusivity and transparency within the project.

SHIB's head of marketing said the DAO will further expand the utility that the SHIB ecosystem offers.

On March 18, the SHIB team announced that ShibaSwap, a decentralized exchange (DEX) within the Shiba Inu ecosystem, had migrated to the project's Shibarium blockchain.

Related: Diamond-hand SHIB holder books $1.1M profit after 3 years of hodling

SHIB's price did not react strongly to the recent announcement and is currently trading at $0.00001514, up 14% over the past week.

Although the memecoin still commands an $8.9 billion market cap, SHIB is down 82.4% from its all-time high of $0.00008616, recorded in October 2021, according to data from CoinGecko.

SHIB remains down 82.4% from its 2021 all-time high. Source: CoinGecko

During the hack of Indian crypto exchange WazirX on July 18, SHIB was among the tokens that suffered the steepest price losses.

The WazirX hackers gained access to more than $235 million in cryptocurrency. Of that, SHIB accounted for roughly $100 million, and its price fell as much as 15% amid a wave of transactions in which the hackers dumped millions of dollars worth of SHIB.