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Cryptocurrency News Articles
Meme Coins Are Reviving Decentralized Autonomous Organizations (DAOs)
Oct 26, 2024 at 01:05 am
This resurgence comes after a period of declining interest following the 2020-2021 crypto bull market hype. Ethereum co-founder Vitalik Buterin is leading a charge to reimagine these digital organizations through the lens of charitable giving and community engagement.
Decentralized Autonomous Organizations (DAOs) are experiencing a resurgence, thanks in part to an unlikely catalyst: meme coins.
After a period of declining interest following the 2020-2021 crypto bull market hype, DAOs are back in the spotlight. Ethereum co-founder Vitalik Buterin is leading a charge to reimagine these digital organizations through the lens of charitable giving and community engagement.
Initially gaining prominence during the last bull market as a new paradigm for corporate governance, DAOs — which function as internet-native organizations collectively managed by their members through blockchain-based rules — saw a surge in interest during that period. However, that interest waned as the crypto market entered a prolonged downturn.
This week, Buterin ignited fresh discussion about DAOs’ potential by advocating for memecoin communities to evolve into charitable DAOs.
“I truly prefer if you guys send to charity directly, maybe even make a DAO and get your community directly engaged in the decisions and process,” Buterin tweeted on Tuesday, adding , “I’ve said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens.”
The statement came after Buterin’s significant liquidation of various meme coins, with blockchain analytics firm Spot-On-Chain reporting last week that Buterin has already donated $884,000 to charities.
Meanwhile, Buterin’s advocacy also coincides with major regulatory developments in the United Arab Emirates, where the Ras Al Khaimah Digital Assets Oasis (RAK DAO) announced Friday that it is introducing a comprehensive legal framework for DAOs.
Set to come into effect on October 25, the framework aims to clarify compliance, governance, and legal protection for DAO participants, potentially creating a model for other jurisdictions.
In line with this vision, several major projects are already embracing the renewed outlook for DAOS.
Shiba Inu (SHIB), the world’s second-largest meme coin by market capitalization, recently announced plans to launch the Shib Doggy DAO foundation.
The initiative will introduce a multi-token governance structure where different tokens (SHIB, BONE, TREAT, and LEASH) will serve distinct roles in ecosystem management.
This transformation reflects a broader shift in how value is created and managed within the crypto ecosystem. Rather than focusing solely on technological innovation, projects are increasingly emphasizing community engagement and social impact through structured governance frameworks.
According to research by Gartner, a leading American research and consulting firm specializing in information technology, the current crypto landscape is witnessing the emergence of several trends.
The firm pointed out that established concepts like DAOs are regaining prominence, signaling a readiness within the industry for a narrative that can drive transformation.
Their report further suggested that while many new blockchain technologies have plateaued, there is an opportunity to revitalize existing frameworks and harness them for future growth.
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- Polkadot Stumbles While CYBRO's AI Innovation Attracts Attention From XRP and Solana Whales
- Oct 26, 2024 at 04:25 am
- Polkadot is facing hurdles while CYBRO, an emerging cryptocurrency with innovative AI features, is catching the eye of major investors linked to XRP and Solana. This shift in interest among influential players hints at a possible transformation in the crypto market.
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- Scottie Pippen Is Selling Crypto Tokens Tied to the Game Ball From the Chicago Bulls' First NBA Championship
- Oct 26, 2024 at 04:25 am
- Despite backlash when blockchain sleuth @ZachXBT noticed the developer wallet that created the token contract dumped about $330,000 worth of the supply almost immediately after launch, $BALL is up 86% since Aug. 1 with a market cap of $1.4 million.
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- Bullish Metrics Signal Chainlink (LINK), Injective (INJ), and These 8 Other ERC-20 Tokens Could See Increased Adoption
- Oct 26, 2024 at 04:25 am
- Metrics indicating development activity provide critical insights into potential future adoption. Recent analysis from Santiment highlights the top ERC-20 tokens
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- First Neiro on Ethereum (NEIRO) Is One of the Few Meme Coins That Registered a Price Increase in the Last 24 Hours
- Oct 26, 2024 at 04:25 am
- Through this on-chain analysis, BeInCrypto breaks down the factors contributing to the meme coin's recent performance and explores potential price trajectories moving forward.
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- Cardano (ADA) Beats the Odds to Display Strong Signs of Bullish Momentum
- Oct 26, 2024 at 04:20 am
- Cardano's native token ADA, beats the odds to display strong signs of bullish momentum. According to technical insights ADA has the potential to soar to $2.77 representing a potential increase of over 630% from its current price.
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- Over $20M in Cryptocurrency Transferred from U.S. Government Wallet, Sparking Concerns of Unauthorized Activity
- Oct 26, 2024 at 04:20 am
- On Thursday, over $20 million in cryptocurrency was transferred from a U.S. government wallet. Notably, this wallet is tied to funds seized in the 2016 Bitfinex hack.