The team behind Shiba Inu Mimecoin, the 13th largest cryptocurrency by market cap, is preparing to launch a decentralized autonomous organization (DAO).
In a post on X on August 25, Lucy, the anonymous marketing director for Shiba Inu (SHIB), revealed that the Shiba Inu team will be launching a DAO that will allow Mimecoin holders to vote on future initiatives and have a say in the future direction of the project.
Source: LucieSHIB
“Shib is poised to become a key player in decentralized governance with the upcoming launch of the DAO. This transition will empower all holders, regardless of stake size, to have a say in the direction of the community.”
Two main committees, the “Charity Committee” and the “Culture and Heritage Committee”, direct the governance of Shiba Inu DAO.
According to Lucy, the two councils will “lead community initiatives,” ranging from charitable work to “preserving the unique culture” of the Shiba Inu Mimekoin community.
Other tokens within the SHIB ecosystem, including BONE and LEASH, will also play a role in the DAO governance process. BONE holders will be given priority over expanding education and innovation, while LEASH holders will focus on proposals related to inclusion and transparency within the project.
SHIB’s head of marketing said that 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) tailored to the Shiba Inu ecosystem, has migrated to the project’s internal blockchain, Shibarium.
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SHIB price has not reacted much to the recent announcement and is currently trading at $0.00001514, up 14% over the past week.
According to CoinGecko data, SHIB has fallen 82.4% from its all-time high of $0.00008616 in October 2021, despite Mimecoin still having a market cap of $8.9 billion.
SHIB is still down 82.4% from its 2021 all-time high. Source: CoinGecko
When the Indian cryptocurrency exchange WazirX was attacked on July 18, SHIB was one of the tokens that suffered the biggest price losses.
The WazirX hack gave the attackers access to over $235 million worth of cryptocurrency. SHIB accounted for around $100 million of that figure, and a series of transfers in which the hackers drained millions of dollars worth of SHIB caused the price to drop by up to 15%.
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