Published on augustus 27, 2024, 12:37 am
Image source: Fox News
```json [ "TLDR: Shiba Inu, the 13th-largest cryptocurrency, is launching a DAO for SHIB holders to participate in decision-making. The DAO will have different councils addressing charity, culture, and other tokens within the ecosystem. Despite recent progress like migrating ShibaSwap to Shibarium blockchain, SHIB's current trading at $0.00001514 with a 14% increase over the week but down 82.4% from its all-time high.", "SHIB was significantly affected during an exploit of Indian crypto exchange WazirX with hackers accessing around $235 million, leading to a 15% price drop due to large SHIB sales." ] ```
Shiba Inu, the 13th-largest cryptocurrency by market cap, is gearing up to introduce a decentralized autonomous organization (DAO) that will give SHIB holders a voice in shaping the future of the project. This move marks a significant step towards decentralized governance within the Shiba Inu ecosystem.
Lucie, Shiba Inu’s marketing lead, announced plans for the launch of a DAO where memecoin holders can participate in decision-making processes related to community initiatives and project direction. The DAO will consist of two primary councils, namely the “Charity Council” and the “Culture & Heritage Council,” which will oversee governance tasks ranging from charitable endeavors to preserving the unique culture associated with the Shiba Inu memecoin community.
Additionally, other tokens within the SHIB ecosystem like Bone ShibaSwap (BONE) and Doge Killer (LEASH) will also be involved in the DAO governance framework. BONE holders will focus on expanding education and innovation initiatives, while LEASH holders will concentrate on promoting inclusivity and transparency within the project.
The introduction of the DAO is expected to enhance the utility offered by the SHIB ecosystem further. Despite recent developments, including migrating ShibaSwap to Shibarium blockchain earlier this year, SHIB is currently trading at $0.00001514. Although it has seen a 14% increase in value over the past week, it remains down 82.4% from its all-time high of $0.00008616 reached in October 2021.
Notably, during an exploit of Indian crypto exchange WazirX on July 18, SHIB was among the tokens affected most significantly. Hackers gained access to around $235 million in cryptocurrencies during this incident, with SHIB accounting for roughly $100 million of that amount. Subsequently, its price dropped by as much as 15% due to large transfers initiated by hackers selling off substantial amounts of SHIB.
Original article posted by Fox News
