Memecoin Project Shiba Inu to Launch Community-Driven DAO
Shiba Inu (SHIB), the 13th-largest cryptocurrency by market capitalization, has revealed plans to launch a decentralized autonomous organization (DAO). This move aims to give SHIB token holders a voice in the project's future direction and initiatives.
On August 25, Shiba Inu's pseudonymous marketing lead, known as "Lucie," shared details of the upcoming DAO on social media platform X (formerly Twitter). The announcement highlighted that the new governance structure would empower all SHIB holders, regardless of the size of their stake, to participate in community decision-making processes.
The proposed DAO will be governed by two primary councils: the Charity Council and the Culture & Heritage Council. These bodies will be responsible for steering community initiatives, ranging from charitable outreach to preserving the unique culture associated with the Shiba Inu memecoin community.
In addition to SHIB, other tokens within the ecosystem will play specific roles in the governance process. Bone ShibaSwap (BONE) token holders will have a say in matters related to education and innovation, while Doge Killer (LEASH) token holders will focus on proposals concerning inclusivity and transparency within the project.
Lucie stated that the introduction of the DAO would further expand the utility of the SHIB ecosystem. This development follows a significant milestone achieved on March 18, when the SHIB team announced the migration of ShibaSwap, a decentralized exchange aligned with the Shiba Inu ecosystem, to the project's in-house Shibarium blockchain.
Despite the announcement, SHIB's price did not show a strong reaction. As of the time of writing, SHIB is trading at $0.00001514, having gained 14% over the past week. While the memecoin still commands a substantial market capitalization of $8.9 billion, it remains 82.4% below its all-time high of $0.00008616, reached in October 2021, according to data from CoinGecko.
It's worth noting that SHIB faced challenges earlier this year. During a July 18 exploit of the Indian crypto exchange WazirX, SHIB was among the tokens most affected. The hack resulted in attackers gaining access to over $235 million in cryptocurrencies, with SHIB accounting for approximately $100 million of that amount. The incident caused SHIB's price to dip as much as 15% amid a series of transfers in which hackers unloaded millions worth of SHIB tokens.
The Shiba Inu project, which began as a community experiment in 2020, has evolved significantly since its inception. Created by the pseudonymous founder Ryoshi, who later relinquished control to the community, SHIB has grown from a simple token to a global phenomenon under the leadership of a volunteer known as Shytoshi.
As Shiba Inu prepares to implement its DAO, the project continues to expand its real-world applications. The token is now accepted by thousands of merchants worldwide, demonstrating its potential for practical use beyond the crypto space. This transition from a niche digital asset to a tool for everyday transactions underscores SHIB's growing relevance in the broader financial ecosystem.
