Memecoin has announced plans to launch Shiba Inu DAO
The team behind Shiba Inu memecoin, the 13th largest cryptocurrency by market value, is preparing to launch a decentralized autonomous organization (DAO).
In the year In an August 25 X Post, Shiba Inu (SHIB) anonymous transaction leader “Lucy” shared that the group will launch a DAO, which will allow memecoin owners to vote on future initiatives and have a say in the future direction of the project.
Source: Lucy
“Shib is poised to become a key player in the soon-to-be-launched DAO decentralization. This transition allows each owner, regardless of their stake, to have a say in the direction of the community.
Two primary councils, the “Charity Council” and the “Culture and Heritage Council” lead the administration of Shiba Inu Dao.
According to Lucy, these two councils “lead community initiatives” that come along with the Shiba Inu Memecoin community, from charity work to “preserving a unique culture.”
Other tokens in the SHIB ecosystem, including Bone ShibaSwap (BONE) and Doge Killer (LEASH), play a role in the DAO management process. BONE holders prioritize education and innovation over innovation, while LEASH holders focus on ideas related to inclusion and transparency in the project.
SHIB's marketing chief Dao said the SHIB ecosystem will further expand the services it provides.
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.
Related: ‘Diamond hands' SHIB holder makes $1.1M profit after 3 years of hoarding
The price of SHIB did not react strongly to the recent announcement and is currently trading at $0.00001514, having gained 14% in the last week.
Although memecoin still commands a capitalization of $8.9 billion, SHIB is down 82.4% from its peak of $0.00008616 in October 2021, according to CoinGecko data.
SHIB is still down 82.4% from its 2021 all-time high. Source: CoinGecko
During the July 18 exploit of Indian crypto exchange WazirX, SHIB was among the tokens that suffered the most price destruction.
During the hack, the WazirX attackers managed to get more than $235 million worth of cryptocurrencies. Of this figure, SHIB accounts for about $100 million, and its value has fallen by up to 15% in a series of transfers as hackers siphon off millions worth of SHIB.
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