- Shiba Inu to launch its own DAO.
- SHIB has surged by 14.53% over the past seven days.
The team behind Shiba Inu [SHIB], the second largest memecoin by market cap, has announced plans to launch a decentralized autonomous organization (DAO).
The lead team shared development through the official page reporting that DAO will provide governance rights to holders.
Accordingly, holders will vote on vital initiatives and have a critical role in decision-making over the future direction of the whole project. The lead team shared that,
“Shib is preparing to become a key player in decentralized governance with the upcoming launch of its DAO. This transition will empower every holder, regardless of the size of their stake, to have a say in the community’s direction.”
Undoubtedly, the initiative is significant within the SHIB ecosystem as it gives the community power to govern thus achieving full decentralization.
Equally, other tokens within the ecosystem such as BONE and LEASH will be impacted and play a crucial role in DAO governance.
Any Impacts on SHIB price charts?
Despite the good news, SHIB has not made a strong reaction. Over the past 24 hours, the memecoin has recorded 0.6% gains. However, the trading has experienced a significant decline, falling by 39% to $204 million.
Source: Tradingview
Prior to this, SHIB has experienced a strong upward trajectory with a 14.53% surge over the past 7 days. Therefore, the uptrend was strong although it has experienced moderate intraday gains.
Looking at Chaikin Money Flow (CMF), it’s positive at 0.08 suggesting increased buying interest which is a bullish signal.
Additionally, Aroon up is at 85.7% which suggests that the memecoin has reached recent new highs thus suggesting a strong uptrend.
Source: Coinglass
Looking further, our analysis of Coinglass shows long position liquidation has experienced a sustained decline over the past three weeks. The decline in liquidation shows increased investor’s confidence in the memecoin’s future direction.
Source: Santiment
Finally, SHIB adjusted price DAA divergence is negative at -18.16% which suggests the memecoin is undervalued related to usage and adoption. This positions the meme-coin for further gains in the future.
Although the announcement by the SHIB lead team has not resulted in a strong reaction, it gives the memecoin advantage in a competitive market.
Is your portfolio green? Check out the SHIB Profit Calculator
DAO will restore and strengthen investor’s confidence in the project’s future. Thus, at press time, SHIB is enjoying a strong positive market sentiment.
If the current conditions hold, the memecoin will attempt the next significant resistance level around $0.00001772.
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