Shiba Inu rallies ahead of DAO rollout, up 15% in 7 days – What’s next?

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    Shiba Inu to launch its own DAO.
    SHIB has surged by 14.53% over the past seven days.

As a seasoned researcher who’s navigated through countless blockchain projects and witnessed firsthand the power of decentralization, I find the Shiba Inu [SHIB] team’s decision to launch their own DAO incredibly intriguing. The potential for community-driven governance is not only empowering but also a testament to the ethos of cryptocurrencies.

The group responsible for managing Shiba Inu [SHIB], the memecoin with the second highest market capitalization, have disclosed their intentions to initiate a Decentralized Autonomous Organization (DAO).

The main group posted an update on their official site, indicating that holders will be granted governance privileges by the Decentralized Autonomous Organization (DAO).

Therefore, participants will be given the opportunity to cast their votes on crucial matters and play a pivotal part in determining the overall course of the project. The core team has indicated this responsibility.

“Shib is gearing up to take a significant role in decentralized decision-making, as it’s about to release its DAO (Decentralized Autonomous Organization). This move will grant each token holder, regardless of their holding size, the power to influence the community’s future.”

Without a doubt, this initiative holds great importance within the Shiba Inu (SHIB) ecosystem, empowering the community to make decisions, thereby realizing true decentralization.

Additionally, similar assets like BONE and LEASH within this environment are also expected to experience an influence and will significantly contribute to the decision-making process of the DAO (Decentralized Autonomous Organization).

Any Impacts on SHIB price charts?

Although there’s positive progress with SHIB (Shiba Inu), showing a modest increase of 0.6% over the last 24 hours, the market response has been rather subdued. The trading activity, on the other hand, has seen a steep drop, plummeting by 39%, leaving the daily trading volume at approximately $204 million.

Previously, Shiba Inu (SHIB) had a robust ascent, rising by 14.53% during the last week. This upward trend was significant, even though there were only modest increases in its intraday performance.

As a crypto investor, I’m closely watching the Chaikin Money Flow (CMF). Right now, it’s sitting at 0.08, indicating a rise in buying activity, which is a promising bullish sign.

Furthermore, the Aroon Up indicator stands at 85.7%, signifying that the memecoin has recently touched new highs. This indicates a robust upward trend in its price movement.

Upon closer examination, our study of Coinglass indicates that there’s been a prolonged drop in long position liquidations over the last three weeks. This decrease in liquidation suggests that investors are becoming more confident about the potential trajectory of the memecoin.

To summarize, the disparity between Shiba Inu’s (SHIB) price and its DAA (Daily Active Addresses) has shown a negative divergence of -18.16%, indicating that SHIB might be currently undervalued in terms of usage and adoption. This undervaluation could potentially lead to increased value in the future as SHIB may experience more growth.

Despite the SHIB lead team’s announcement not causing a significant response, it positions the memecoin favorably in a cutthroat market competition.

Through the actions of the DAO (Decentralized Autonomous Organization), investor trust and faith in the project’s long-term success will be restored and bolstered. As a result, right now, Shiba Inu (SHIB) is experiencing robust optimism within the market.

Under the present circumstances, the memecoin aims to challenge its next notable resistance point estimated at approximately $0.00001772.

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2024-08-27 04:08