Popular meme token Shiba Inu (CCC:SHIB-USD) has been on a rather volatile ride this year. Still up an astronomical amount on a year-to-date basis, the SHIB crypto has lost more than 20% of its value in the past month.
That said, the price of these incredible returns is volatility. And there are certainly many investors willing to put up with a little near-term pain for long-term gain.
This meme token has slipped in the crypto rankings out of the top 10. Currently, Shiba Inu is ranked No. 13 by market capitalization among all coins and tokens. Those wondering if this token can climb its way back into the top 10 in the year to come have a number of catalysts to consider.
Let’s dive into one of the main catalysts investors are watching right now.
Could a New DAO Structure Boost the SHIB Crypto?
Via Twitter, Shiba Inu announced it would be embracing a DAO structure. A decentralized autonomous organization (DAO) is similar to decentralized voting rights. By being part of a DAO, investors and enthusiasts alike can vote on important upgrades or strategic shifts for a given crypto network.
In the case of Shiba Inu’s DAO structure, it appears this DAO will be rolled out in multiple phases. The first (beta) phase will allow the community to decide which crypto projects and pairs will be part of ShibaSwap. Additionally, how BONE rewards will be allocated among the community will also be decided upon by the DAO.
This shift in the governance structure from the Shiba Inu team to the community is certainly an intriguing one. By putting the power in the hands of Shiba Inu holders, those participating in this DAO will likely benefit from the increased sense of community created. As a community-focused token, this shift is one that many may have seen as inevitable. However, the fact that Shiba Inu is going the extra mile with decentralizing its decision structure may be seen as a positive for those bullish on this token.
Regardless, Shiba Inu remains one of the most speculative tokens out there. Volatility is likely to remain high. Investors looking to put some funny money to work in SHIB crypto ought to be aware of the risks.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
