Shytoshi Kusama, Shiba Inu’s (SHIB) mysterious lead developer, is back in the spotlight with his intriguing exposition. In a recent X post, Kusama warned about a fresh threat to SHIB’s Decentralized Autonomous Organization (DAO) governance structure.
He revealed that a group of individuals, referred to as “shadowcats,” are plotting to hijack the governance of the SHIB ecosystem.
Kusama has reassured the SHIB community that the team is prepared to stop those efforts and prevent any damage to the project. His statement has sparked a wave of discussion among SHIB holders. Many wonder what the future holds for the Shiba Inu ecosystem and its place in the growing crypto market.
SHIB DAO Hijack Alert
The SHIB team has been working on transitioning to decentralized governance via the DAO model. This system would give all SHIB holders a voice in ecosystem decisions, regardless of how many tokens they own.
The goal of the DAO is to give the community more control over Shiba Inu’s future, ensuring decisions are made collectively. However, the shadowcats, according to Kusama, are attempting to seize control of the DAO for their benefit.
He claimed these bad actors are attempting to disrupt the project’s move toward decentralization. Despite these attempts, Kusama maintained that the SHIB team was on high alert and ready to deploy counteractions to prevent the DAO from being hijacked.
Potential Resolution and Community Disposition
The growing concerns surrounding the potential hijack of the SHIB DAO have led to heated debates within the meme coin community. While some members are questioning how the team will respond to these threats, others remain confident in the team’s expertise.
In an X post, Kaal Dhairya, one of SHIB’s lead developers, weighed in on the issue. He reaffirmed that the team is not simply reactive but proactive in ensuring the stability of the project. Dhairya’s comments illuminated the ongoing efforts to improve SHIB’s ecosystem.
He commented on the SHIB burn mechanism, a crucial process for reducing the token’s total supply, sparking more discussions. Dhairya emphasized that the success of token burns is a collective endeavor.
He noted that this effort is driven by the community’s engagement and the utility of Shiba Inu’s platform. The SHIB developer emphasized that as utility grows, more tokens will be burned. It will reduce the supply and potentially increase the token’s value.
This unity, he implied, will also help combat any threat to the community.
What is Up with Shiba Inu in the Bull Market?
Amidst the Shiba Inu ecosystem’s internal challenges, its native token, SHIB, has shown resilience, especially in the ongoing bull market.
In the past month, the SHIB community and development team have collectively burnt over 3 billion SHIB tokens. This move is part of a broader effort to boost the token’s value in the future.
At the time of writing, Shiba Inu is trading at $0.000029, down by 1.38% in the last 24 hours, per market data. Over the trailing 30-day period, the token is up 69.84%.
Looking ahead, Shiba Inu continues to ride the waves of the ongoing bull market, buoyed by a series of promising developments.
Shibarium, its Layer 2 solution, is set to undergo another hard fork soon. This upgrade aims to tackle key scalability challenges, enhance the token’s value, and strengthen its appeal to an expanding community.
As SHIB continues its bullish momentum, its price trajectory increasingly mirrors Dogecoin’s (DOGE) historic rallies. This correlation, in general, has sparked excitement about what lies ahead.
