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26/08/24
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Shiba Inu Unveils DAO to Empower Community Governance Amid Market Challenges
The Shiba Inu memecoin, currently the 13th largest cryptocurrency based on market capitalization, is set to introduce a decentralized autonomous organization (DAO). In a recent announcement, the marketing lead revealed plans for the DAO, which will empower SHIB holders to participate in decision-making processes and influence the future trajectory of the project.
The governance framework of the Shiba Inu DAO will consist of two main councils: the “Charity Council” and the “Culture & Heritage Council.” These councils will be responsible for guiding community initiatives that range from charitable activities to preserving the unique cultural identity associated with the Shiba Inu community. This move marks a significant step towards decentralized governance, allowing all holders to have a voice regardless of their stake size.
Additionally, other tokens within the Shiba Inu ecosystem, specifically BONE and LEASH, will have designated roles in this governance structure. BONE token holders are expected to prioritize initiatives focused on education and innovation, while LEASH holders will concentrate on proposals that promote inclusivity and transparency in the project.
The launch of the DAO is intended to enhance the overall utility of the Shiba Inu ecosystem. Earlier this year, the team announced the migration of their decentralized exchange, ShibaSwap, to the project’s own blockchain, Shibarium, further signaling their commitment to developing decentralized solutions.
Despite the announcement of the DAO and its ambitious plans, the market response has been muted, with the current trading price of SHIB at $0.00001514, reflecting a 14% increase over the last week. However, the token remains significantly down from its all-time high of $0.00008616, achieved in October 2021, and its market cap stands at approximately $8.9 billion. The memecoin faced challenges earlier this year during a security breach at the Indian exchange WazirX, which notably impacted its price.
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