The team behind Shiba Inu (SHIB) meme coin has announced plans to launch a Decentralized Autonomous Organization (DAO). Project’s pseudonymous marketing lead Lucie announced this plan on August 25. The DAO aims to empower SHIB holders with a voice in the memecoin’s direction.
Shiba Inu (SHIB) Heading Toward True Decentralization
The proposed DAO structure will allow SHIB owners to vote on future initiatives, regardless of the size of their holdings.
Shib is preparing to become a key player in decentralized governance. This transition will empower every holder to have a say in the community’s direction.
Lucie said.
This new governance model has two primary councils: the Charity Council and the Culture & Heritage Council. These bodies will oversee community initiatives ranging from charitable outreach to preserving the unique culture associated with the Shiba Inu community.
Role of BONE and LEASH Tokens in New Governance Structure
The DAO’s scope extends beyond Shiba Inu (SHIB) coin itself. Other tokens within the ecosystem, including BONE and LEASH, will play specific roles in the governance process. BONE holders will focus on “education” and “innovation” proposals, while LEASH holders will address issues of inclusivity and transparency.
Source: LucieSHIB on X
The proposed DAO is another block that the team is adding in the series of making Shiba Inu more decentralized. Initially, Shiba Inu’s pseudonymous creator Ryoshi burned the keys to SHIB’s supply and handed control to the community. He left the project in the capable hands of a volunteer known as Shytoshi Kusama. Now, Kusama has also announced plans to step down from his role by the end of this year.
Additionally, in May, ShibaSwap, a decentralized exchange aligned with SHIB, migrated to the project’s in-house Shibarium blockchain. All these new upgrades are expanding the ecosystem’s capabilities.
Despite the announcement, Shiba Inu (SHIB) coin’s market performance has remained relatively stable. Currently trading at $0.00001514, the token has seen a 14% increase over the past week. However, this price point represents an 82.4% decline from it’s all-time high of $0.00008616, reached in October 2021.
SHIB/USD Daily Price Chart. Source. CoinMarketCap
The memecoin’s journey hasn’t been without challenges. In July, SHIB was among the cryptocurrencies most affected by an exploit on WazirX, an Indian crypto exchange. The hack resulted in the theft of over $235 million in various cryptocurrencies. However, this incident saw approximately $100 million worth of SHIB stolen which caused its price to dip by as much as 15% amid the turmoil.
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