Blockchain tracker Shibburn reported a significant increase in SHIB burns, with millions of tokens permanently removed from circulation. However, this massive burn has not impacted the token’s price, which continues to move sideways at $0.00001571. Earlier this week, SHIB dropped 6.22% and has struggled to break past the $0.00001655 resistance since February 4. The last time it approached this level was on February 11.
SHIB Community Drives Massive Burn
The SHIB burn rate spiked 389% in the past 24 hours as the community burned 16,479,283 SHIB. The largest single burn transaction removed 13,717,986 SHIB, while another eliminated 2,026,165 SHIB.
Despite this, the weekly burn rate saw a sharp decline of 94.82%, with only 61,082,353 SHIB burned over the last seven days.
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A recent Shibarium Updates announcement revealed that SHIB developers intend to introduce decentralized autonomous organizations (DAOs) to enhance community governance. These DAOs will allow users to propose ideas and vote on critical decisions shaping SHIB’s ecosystem.
New DAOs to Oversee Key Functions
The upcoming DAOs will manage different aspects of the ecosystem. The SHIB DAO will represent SHIB holders’ collective decisions. The BONE DAO will handle gas fee governance and other protocol-related matters. The LEASH DAO will focus on security and community asset protection.
The newest token, TREAT, will have its own DAO dedicated to funding and driving innovation within community-led projects. Unlike traditional blockchain governance, SHIB DAOs will allow all holders to vote, not just large investors.
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To further decentralize decision-making, users can increase their voting power by earning Karma Points through meaningful contributions. This system aims to prevent financial dominance and ensure fair governance.
Although the SHIB community remains active in burning tokens and enhancing its ecosystem, the price remains unaffected. However, the introduction of DAOs could bring long-term changes, strengthening SHIB’s governance and fostering community-driven growth.
