Shiba Inu, the 13th-largest cryptocurrency by market cap, is preparing to launch a Decentralised Autonomous Organisation (DAO) to enhance community governance. Announced on August 25 by Shiba Inu’s marketing lead, Lucie, the DAO will enable SHIB holders to vote on key project decisions and shape its future direction.
Key Features of the DAO
The Shiba Inu DAO will be guided by two councils:
- Charity Council: Focuses on community outreach and charitable initiatives.
- Culture & Heritage Council: Preserves the unique culture of the Shiba Inu community.
Additionally, tokens within the SHIB ecosystem, such as Bone ShibaSwap (BONE) and Doge Killer (LEASH), will play roles in the DAO governance. BONE holders will focus on education and innovation, while LEASH holders will address inclusivity and transparency.
Market Impact
The announcement has had a muted impact on SHIB’s price, which is currently trading at $0.00001514, up 14% over the past week. Despite this, SHIB remains 82.4% below its all-time high of $0.00008616 from October 2021. The token also faced significant volatility following the July 18 hack of the Indian exchange WazirX, where SHIB was among the most affected.