Shiba Inu (SHIB) appears to start the new year on a somewhat weak basis, showing signs of bearish action through Monday, but managing to hold above the key $ 0.000030 level even after several exciting developments before the end of last year. At the time of writing, SHIB / USD is trading at around $ 0.0000337.
The second most popular memecoin is set to launch its own DAO, DOGGY DAO, in two separate phases this year. With the aim of achieving true decentralization and removing control from its developers, the governance protocol is poised to bring higher levels of growth and innovation within the Shiba Inu ecosystem.
More information on Shiba Inu’s DOGGY DAO
DOGGY DAO’s Phase One Beta, DAO 1, has gone live and will allow the SHIB community to have a say in the crypto projects and pairs that will be listed on the ShibaSwap platform. BONE holders will also have a say in how the rewards are distributed within the community. The developers are calling this the first step in letting Shiba Inu’s DEX grow even if it benefits the memecoin’s loyal community, the Shib Army.
To participate in the voting process, community members will need to invest their assets in BONE in order to maintain tBONE in the projects of their choice in order to register them on ShibaSwap. This move will also allow users to have full control over the awarded liquidity pools (LPs).
In addition to DOGGY DAO’s announcement, the Shiba Inu coin could also gain support after an analysis revealed how the major Ethereum whales hold an average of 52 billion SHIB, making it the second largest coin. owned by the largest holders. According to WhaleStats, holdings in SHIB represent the largest market share based on USD value, followed by FTX token and USDT.
SHIB / USD technical analysis
On the H4 chart of SHIB / USD, we find a bearish bias among the moving averages. However, popular MACD technical indicators and momentum also indicate the presence of buyers in the market.
SHIB / USD
Shiba Inu’s price remains below the pivot point at $ 0.000035 but at a comfortable distance of $ 0.000028 for now. We need to see if more buyers enter the market later in the day as this could see the price of SHIB rise above the PP.