Shiba Inu, currently ranked as the 13th largest cryptocurrency based on its market capitalization, plans to establish a decentralized autonomous organization (DAO). This would enable token holders to participate in voting for upcoming initiatives and influence the project’s trajectory.
The memecoin DAO will be governed by two main councils, namely the “Charity Council” and the “Culture & Heritage Council.” These councils will be responsible for supervising community efforts, including philanthropic outreach and the preservation of the distinctive culture of the Shiba Inu memecoin community. BONE and LEASH, along with other tokens in the SHIB ecosystem, will also contribute to the DAO governance process.
On March 18, the SHIB team made an announcement stating that ShibaSwap, a decentralized exchange associated with the Shiba Inu ecosystem, had transitioned to the project’s in-house Shibarium blockchain.
Despite the statement, the price of SHIB has not exhibited a significant reaction and is now trading at $0.000015. However, it has had a 13.8% increase in value over the past week.
Although the memecoin currently has a market capitalization of over $8.9 billion, SHIB has had a significant decline of 82.4% from its peak value of $0.00008616 in October 2021.
During a security breach on July 18, the Indian crypto exchange WazirX was exploited, resulting in significant price depreciation for SHIB and other tokens. Hackers managed to get unauthorized access to over $235 million worth of cryptocurrencies, including about $100 million worth of SHIB.
Last month, Shiba Inu introduced ShibTorch, a platform that enables the automated destruction of SHIB tokens.
