Shiba Inu coin once again caught the eyes of crypto market enthusiasts as SHIB team confirms that the ecosystem is eyeing a transformative shift ahead. On Thursday, the marketing lead highlighted that the Shib Doggy DAO and Foundation launch remains imminent.
Meanwhile, SHIB price saw a pullback, although broader charts hinted at a rally sparking investor speculations amid the looming ecosystem development.
Shiba Inu Coin Eyes Shib DAO Foundation Launch
In an X post dated October 17, the top dog-themed meme coin‘s marketing lead, Lucie, stated, “Shib’s DAO and Foundation are coming soon.” The introduction of the “Shib Doggy DAO Foundation” lies shortly ahead, marking the “next chapter for Shib State and setting the stage for a fully decentralized and autonomous future.”
The upcoming DAO for the Shiba Inu coin stages as a governance system where SHIB, BONE, LEASH, and TREAT holders have the right to influence crucial decisions. This allows token holders to vote on everything, ranging from community projects to technology advancements.
“The Shib Doggy DAO Foundation will legally wrap around the DAO, ensuring that the decisions made by the community are properly executed.”.
Moreover, the governance is set to be divided into four key areas based on the ecosystem tokens. Notably, SHIB governs the community itself, whilst BONE powers the technology. LEASH offers protection and exclusivity within the ecosystem, while TREAT focuses on community projects, as pointed out by Lucie.
Overall, the announcement gained significant traction across the broader market, indicating game-changing developments for the Shiba Inu coin’s ecosystem looming over the horizon.
SHIB Price Performance Today
However, despite the abovementioned development, SHIB price traded in the red today, down 5% to $0.00001781. Its intraday low and high were recorded as $0.00001786 and $0.00001899, respectively. Nonetheless, broader charts for the token underlined a price rally.
The weekly chart showcased gains worth 4%, while monthly gains totaled nearly 35%, sparking investor optimism. This upswing, coupled with Shiba Inu coin’s looming ecosystem development, garnered substantial attention to the crypto.
Besides, it’s also worth mentioning that the coin’s recent gains align with a whopping surge in the SHIB burn rate, as reported by CoinGape Media previously. With nearly 300 million coins burned, the supply took a hit, bolstering the meme token’s market dynamics.
Also, lead developer Shytoshi Kusama highlighted a game-changing partnership for SHIB recently, further reverberating market optimism for the asset. Overall, the coin rides bullish waves despite today’s downturn, painting an optimistic picture of long-term prospects.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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