Shiba Inu Memecoin Prepares to Roll Out DAO

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

August 26, 2024 02:41 EDT

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The team behind Shiba Inu (SHIB), a Dogecoin-inspired meme coin, is preparing to launch a decentralized autonomous organization (DAO).

On Aug. 25, Lucie, Shiba Inu’s anonymous marketing lead, announced via X that this move will allow SHIB holders to vote on upcoming initiatives and shape the project’s future direction.

“Shib is preparing to become a key player in decentralized governance with the upcoming launch of its DAO,” Lucie wrote. “This transition will empower every holder, regardless of the size of their stake, to have a say in the community’s direction.”

Further, two main councils will steer the DAO’s governance: the “Charity Council” and the “Culture & Heritage Council.”

Lucie mentioned that these councils will guide community projects. Their focus will range from participating in charitable activities to preserving the culture tied to the token’s community.

“While the DAO hasn’t been fully implemented yet, its introduction will mark a major milestone, giving Shibizens more control over decisions that impact the ecosystem,” Lucie added.

In contrast to conventional organizations, DAOs disperse authority among their members. In turn, this enables collective decision-making. Further, DAOs operate through smart contracts on the blockchain, which automatically enforce set rules. This minimizes the requirement for central management or supervision.

With a DAO launch, Shiba Inu aims to give its extensive community direct influence over the project’s direction. This approach aligns with the core principle of many cryptocurrencies, which emphasize community participation.

Meme coins typically face challenges in offering utility beyond speculative trading. With a DAO, SHIB holders might gain practical benefits such as voting rights on project proposals, potentially impacting the coin’s direction, alliances, or development focus, thereby enhancing its value beyond just being a meme coin.

Shibarmy Alerts Shiba Inu Users to Spike in Scam Attempts

Earlier this month, Shibarmy Scam Alerts, the official scam alert channel for Shiba Inu, warned users about rising scams targeting the altcoin. This alert followed a recent warning about fake Telegram groups attempting to exploit the community.

“These groups are designed to scam you and drain your wallets by promoting fraudulent tokens or offering fake rewards,” they wrote.