Shiba Inu (SHIB), the dog-themed memecoin, is set to undergo a notable transformation. The project will likely see notable changes in its governance structure moving forward. According to a post on X by SHIB Marketing Lead Lucie, the shift is a new milestone in the ecosystem.
SHIB DAO Foundation and Governance Structure
Lucie said the coming changes will place power in the hands of the ecosystem’s real holders. The marketing lead noted that the SHIB Doggy DAO Foundation will soon become a reality. This will signal a new phase in Shiba Inu’s history as it positions it for full decentralization.
For clarification, a Decentralized Autonomous Organization (DAO) on SHIB will usher in a decentralized governance structure. Notably, this will grant token holders the power to make decisions. The concerned tokens include SHIB, LEASH, BONE, and TREAT. The goal is to ensure that only token holders decide the future of Shiba Inu as they remain critical stakeholders.
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When launched, the SHIB DAO Foundation will monitor the ecosystem to ensure it adheres to its core goals. Additionally, issues related to technology advancement and future upgrades will remain in the hands of token holders only.
To guarantee a seamless process, the Foundation will oversee the legal aspects and monitor the execution of decisions voted upon. To ensure transparency and security and guard against misallocation, the DAO Foundation will also manage assets like Doggy Treasury.
Lucie emphasized that the Shiba Inu governance system will encompass four critical areas: community, technology, security, and projects. By design, SHIB will govern the community, and BONE will power SHIB’s technology. LEASH will offer exclusivity and protection to secure the ecosystem, while TREAT will fund community projects.
Shiba Inu SHI Stablecoin Launch and Market Concerns
Meanwhile, the Shiba Inu ecosystem is ramping up preparations for the launch of its stablecoin. Notably, it has yet to issue a date for the launch as developers are still fine-tuning the process. However, upon launch, it will serve as a decentralized currency for the ecosystem.
Ryoshi’s 2021 idea hinges on using stablecoin to boost the status of the Shiba Inu blockchain. Developed by Shytoshi Kusama and Kaal Dhairya, the SHI stablecoin will serve as the centerpiece of Shibarium, the project’s Layer-2 solution.
Lucie explains that SHI stablecoin will bring stability and functionality to the Shiba Inu ecosystem. To ensure stability and sustainability, the developers seek ways to avoid the mistakes of other stablecoins pegged to the U.S. dollar.
Shiba Inu Price Outlook
As of this writing, Shiba Inu’s price was trading down by 3.41% to exchange hands for $0.00001788. Within the past 24 hours, SHIB has crashed from $0.0000185 and breached two critical support levels.
This has sparked concern for the memecoin, which recently experienced a 26% growth rate despite broader market sentiments.
With Ryoshi recently burning the control keys of Shiba Inu, supply reduction is now community-driven. Community members must buy and burn excess tokens in circulation to control SHIB market supply using the deflationary burn mechanism.
Therefore, to significantly decrease the total supply, users will have to support the ecosystem. This will involve users interacting with Shibarium, the Layer-2 blockchain solution that incinerates SHIB tokens through transaction fees.
