The Shiba Inu team, responsible for the 13th largest cryptocurrency, is getting ready to launch a decentralized group known as a DAO. On August 25, Lucie, who handles marketing for the Shiba Inu team, shared on social media that this new DAO will let people who own the coin vote on new ideas and decisions about the project’s direction.
See Also: Would Shiba Inus Price Repeat History In 2024
Why The Shiba Inu Team Introduced This DAO
This DAO is an important step for Shiba Inu, giving every holder, no matter how much they own, the chance to have a say in what happens next. Lucie the Shiba Inu team member mentioned that the DAO will have two groups focused on community projects, such as charity work and keeping the unique culture of the Shiba Inu community.
Other tokens in the Shiba Inu ecosystem, like BONE and LEASH, will also play a role in the DAO. BONE holders will focus on improving education and bringing in new ideas, while LEASH holders will work on making sure everything is fair and open. Lucie added that the DAO will bring more benefits to those involved in the Shiba Inu community.
Earlier this year, on March 18, the Shiba Inu team announced that ShibaSwap, a decentralized exchange tied to the Shiba Inu ecosystem, had moved to Shibarium, the project’s own blockchain network.
Despite this news, the price of SHIB hasn’t changed much and is currently at $0.00001514, with a 14% rise in the last week. Although SHIB’s market value remains at $8.9 billion, it has dropped 82.4% from its peak of $0.00008616 in October 2021, according to CoinGecko.
Recently, SHIB faced some challenges during an attack on the Indian cryptocurrency exchange WazirX on July 18. SHIB was one of the tokens that saw heavy selling during this attack. The attackers managed to steal over $235 million in cryptocurrency, with about $100 million of that being SHIB. This caused the price of SHIB to fall by up to 15% as the hackers transferred large amounts of SHIB.
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