Shiba Inu Leaks Plans to Launch DAO

Bittime - Memecoin Shiba Inu took a step towards decentralization by launching a DAO (Decentralized Autonomous Organization). This move will allow SHIB holders to have a say in the future of the project.

Shiba Inu Prepares to Launch DAO: Empowering the Community

The team behind Shiba Inu (SHIB) is preparing to launch a decentralized autonomous organization (DAO), a development aimed at empowering the community of SHIB holders. 

According to an announcement on August 25 by Lucie, SHIB's anonymous marketing lead, this DAO will allow memecoin holders to vote on future initiatives, giving them a say in the direction of the project.

Expanding the Utility of the SHIB Ecosystem

Lucie emphasized that the launch of the DAO will further expand the utility offered by the SHIB ecosystem. This move is in line with the team's previous efforts to improve the project infrastructure. 

For example, on March 18, the SHIB team announced the migration of ShibaSwap, a decentralized exchange (DEX) aligned with the Shiba Inu ecosystem, to the project's internal blockchain, Shibarium. 

This transition is expected to strengthen the SHIB ecosystem and provide more value for its holders.

Read also: What Is ShibaSwap and How Does It Work?

Goal of Shiba Inu DAO

Shiba Inu DAO aims to achieve several goals, including:

• Decentralization: By creating a DAO, the Shiba Inu project will become more decentralized, giving SHIB holders more control over the direction of the project.
• Community Governance: SHIB holders will be able to vote on proposals that will shape the future of the Shiba Inu ecosystem. This may include proposals related to project development, marketing, and charitable initiatives.
• Transparency: The DAO will operate transparently, with all proposals and votes publicly viewable on the blockchain.

How Shiba Inu DAO Works

Shiba Inu DAO will have a two-board structure:

• Charity Board: This chamber will focus on charitable initiatives. SHIB holders will be able to vote on which charities will be funded by the DAO.
• Culture and Heritage Hall: This council will focus on preserving the Shiba Inu community and its culture. SHIB holders will be able to vote on proposals that will help develop and sustain the community.

Apart from SHIB, other tokens in the Shiba Inu ecosystem, such as BONE and LEASH, will play an important role in DAO governance. 

Holder BONE will prioritize education and innovation, while LEASH holders will concentrate on inclusivity and transparency in the project. This multi-token approach ensures that various aspects of the SHIB ecosystem are represented in the decision-making process.

Market Reaction and Challenges Ahead

HSHIB price did not show a strong reaction, currently trading at $0.00001514. Over the past week, SHIB saw a 14% gain, but is still down 82.4% from its all-time high of $0.00008616, reached in October 2021, according to data from CoinGecko. 

SHIB's market capitalization stands at $8.9 billion, indicating that the memecoin still has a significant presence in the crypto market.

Conclusion

The launch of Shiba Inu DAO is a significant development for the project. This will allow SHIB holders to have a greater say in the future of the Shiba Inu ecosystem and will help ensure that the project remains decentralized and community-driven.

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