- Shiba Inu is going to launch his own DAO.
- SHIB is up 14.53% over the past seven days.
The team behind Shiba Inu [SHIB]the second largest memecoin by market capitalization, has announced plans to launch a decentralized autonomous organization (DAO).
The main team shared the development through the official page reporting that DAO will grant governance rights to holders.
Accordingly, holders will vote on key initiatives and play a crucial role in deciding the future direction of the entire project. The leading team shared that,
“Shib is preparing to become a major player in decentralized governance with the upcoming launch of its DAO. This transition will allow every holder, regardless of the size of their interest, to have a say in the direction of the community.”
The initiative is undoubtedly important within the SHIB ecosystem as it gives the community power to govern, thus achieving full decentralization.
Likewise, other tokens within the ecosystem, such as BONE and LEASH, will be affected and play a crucial role in DAO management.
Are there any implications for the SHIB price charts?
Despite the good news, SHIB has not responded strongly. Over the past 24 hours, the memecoin has posted a gain of 0.6%. However, trading has seen a significant decline, falling 39% to $204 million.
Source: Tradingview
Before that, SHIB has been on a strong upward trajectory with a gain of 14.53% in the past seven days. So the uptrend was strong, although there were moderate gains throughout the day.
Looking at Chaikin Money Flow (CMF), it is positive at 0.08, indicating increased buying interest, which is a bullish signal.
Moreover, Aroon’s increase stands at 85.7%, indicating that the memecoin has reached recent new highs, indicating a strong uptrend.
Source: Coinglass
Looking further, our analysis of Coinglass shows that liquidation of long positions has seen a sustained decline over the past three weeks. The decline in liquidations shows increased investor confidence in the future direction of the memecoin.
Source: Santiment
Finally, the SHIB-adjusted price-DAA divergence is negative at -18.16%, indicating that the memecoin is undervalued in terms of usage and adoption. This positions the meme coin for further gains in the future.
While the announcement by the SHIB leadership team has not sparked a strong response, it gives the memecoin an advantage in a competitive market.
Is your portfolio green? View the SHIB Profit Calculator
DAO will restore and strengthen investor confidence in the future of the project. At the time of writing, SHIB is therefore enjoying strong positive market sentiment.
If current conditions persist, the memecoin will attempt the next significant resistance level around $0.00001772.