Memecoin Shiba Inu to launch DAO to allow meme holders to vote

Author: Tom Mitchelhill, CoinTelegraph; Compiler: Baishui, Golden Finance

The team behind Shiba Inu memecoin, 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 (SHIB) pseudonymous marketing executive Lucie shared that the Shiba Inu team will launch a DAO that will allow memecoin holders to vote on future plans and have a say in the future direction of the project.

Source: LucieSHIB

“Shib is preparing to become a key player in decentralized governance through its upcoming DAO. This shift will empower every holder, regardless of the size of their stake, to have a say in the direction of the community.”

Two main committees, the “Charity Committee” and the “Cultural Heritage Committee,” will guide the governance of the Shiba Inu DAO.

According to Lucie, these two committees will “guide community initiatives” ranging from charitable outreach to “protecting the unique culture of the Shiba Inu memecoin community.”

Other tokens in the SHIB ecosystem, including BONE and LEASH, will also play a role in the DAO governance process. BONE holders will prioritize expanding education and innovation, while LEASH holders will focus on proposals related to project inclusivity and transparency.

SHIB’s head of marketing said the DAO will further expand the utility provided by the SHIB ecosystem.

On March 18, the SHIB team announced that ShibaSwap, a decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, has migrated to the project’s in-house Shibarium blockchain.

SHIB’s price has not reacted strongly to the recent announcement and is currently trading at $0.00001514, up 14% over the last week.

While the memecoin’s market cap remains high at $8.9 billion, SHIB is down 82.4% from its all-time high of $0.00008616 in October 2021, according to CoinGecko.

SHIB is still down 82.4% from its all-time high in 2021. Source: Coingecko

SHIB was one of the tokens that suffered the most price losses during the July 18 attack on Indian cryptocurrency exchange WazirX.

The WazirX attackers took more than $235 million in cryptocurrencies during the attack. Of that, SHIB accounted for about $100 million, and its price fell by 15% during a series of transfers in which the hackers unloaded millions of dollars worth of SHIB.