Getting the Power to the People: ShibaDAO Introduces Decentralized Governance
Shiba Inu Developments: Introduction of ShibaDAO Amidst Slump in SHIB Token Value
Shiba Inu's community is steering towards a fresh era of decentralization, with the launch of ShibaDAO. Despites SHIB's tumble, the new governance system gives control to holders and empowers the wider community.
ShibaDAO, announced by the Shibizens, debuts with a decentralized infrastructure for proposals and governance. This framework utilizes on-chain staking, enabling users to stake SHIB, BONE, LEASH, or TREAT for voting power. Off-chain voting occurs through Snapshot, using real-time staking data for vote weights.
Users can also delegate their voting power to trusted members and make a comeback whenever they choose. The DAO Factory, a versatile tool, allows anyone to create custom DAOs within the ecosystem, amplifying community involvement across various projects.
Four DAOs, Shib DAO, Bone DAO, Leash DAO, and Treat DAO, are operational within the Shiba Inu network, each managing specific functions such as events, upgrades, disputes, and dApp development.
Community members can also create purpose-driven DAOs using Shib Name Service (SNS), encompassing fields like DeFi, gaming, and public goods. This scalable infrastructure paves the way for decentralized project management.
The Rollercoaster Ride of SHIB's Price
Despite the exciting growth of ShibaDAO, SHIB's price performance has been less than stellar. CoinCodex and CoinGecko reveal a 7% decrease in the last 24 hours, dropping the price to $0.00001322 with an impressive $300 million 24-hour trading volume[1].
This slide continues as SHIB has slumped 11.26% over the past week, sitting far from its October 2021 all-time high[2]. Unfortunately, SHIB underperformed 72% of the top 100 crypto assets over the past year and trails even Bitcoin and Ethereum in one-month returns[1][2].
The Fear & Greed Index shows "Greed" at 60, but SHIB still struggles to climb above its 200-day simple moving average, hinting at lingering weakness. Analysts note that it reached a recent cycle low of $0.000005821 and has yet to revisit previous highs[1].
Despite the ongoing price fluctuations, the debut of ShibaDAO embodies a move towards enhanced decentralization, though predicting SHIB's long-term fate remains uncertain[3].
[1] - CoinGecko: https://www.coingecko.com/en/coins/shiba-inu[2] - CoinMarketCap: https://coinmarketcap.com/currencies/shiba-inu/[3] - Data from various crypto analysts: https://decrypt.co/84302/shibarium-launch-leaves-shiba-inu-floundering-crypto-analysts-as-ipo-rumors-swirl
- Users can invest in various tokens, such as Bitcoin, Ethereum, or Shiba Inu, within the decentralized infrastructure provided by ShibaDAO, where they can stake their SHIB, BONE, LEASH, or TREAT for voting power.
- Despite a 7% decrease in SHIB's price over the previous 24 hours, the introduction of ShibaDAO represents a shift towards increased decentralization, where finance meets technology, and community members have greater control over the Shiba Inu network.
