The team behind the second-largest memecoin by market cap, Shiba Inu, has announced a major update that will shape how the community interacts with the project moving forward. According to a recent update, the team plans to launch a decentralized autonomous organization (DAO) that will enable the Shiba Inu community, commonly called the ‘SHIB Army’ to get involved in the decision-making process regarding the project.
Shiba Inu DAO Specifics
According to the announcement on X (formerly Twitter), owners of LEASH and BONE that hold SHIB tokens will be able to vote on important proposals for the ecosystem, such as partnerships, funding, and development projects. The plan will be centered around boosting community involvement so that Shiba Inu’s future development is in line with what the token holders want.
Shiba Inu’s decision to join the DAO is a big one, as it joins the broader movement in the cryptocurrency space to decentralize community control. Shiba Inu allows token holders to cast ballots, in contrast to other tokens where the project staff makes all of the important decisions.
Additionally, this might increase the number of investors drawn to community-driven projects, accelerate the SHIB ecosystem’s uptake, and help it gain traction in the industry.
To emphasize its commitment to expanding the project outside of the meme coin market, the Speculation Project has published what it calls the “Shiba Inu Plan.”
DAO will assist in establishing direct community control over the project, allowing users to decide on the majority of future project decisions. In this sense, the effort not only fortifies the project and lends legitimacy to the work accomplished, but also establishes Shiba Inu as a model for future DeFi ventures.
Ultimately, the Shiba Inu team will let the community make decisions for the project and its stakeholders rather than making decisions behind closed doors to ensure the project’s success.
Shiba Inu (SHIB) Price Reaction Amid Development
Meanwhile, the latest update has not had any positive effect on the price action of SHIB. According to data from CoinMarketCap, the coin traded at $0.00001486 at the time of writing, indicating a 1.11% decline in the last 24 hours.
What is more, SHIB ‘s one-day trading volume has plummeted by 38.26% to $202 million. Additionally, its market valuation dropped to $8.7 billion at press time. Notably, SHIB has moved within the range of $0.00001485 and $0.00001535 in the last 24 hours which is about 82.7% below its all-time high of $0.00008616 attained in October 2021.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.