Shiba Inu is set to introduce a DAO to empower SHIB holders with voting rights.
The DAO will be managed by the Charity Council and the Culture/Heritage Council.
Other Shiba Inu affiliated tokens like $BONE and $LEASH will also play a role in the DAO.
The DAO launch has shown positive signs for Shiba Inu's price, with a recent 14% increase.
Shiba Inu attempts to break out from a descending wedge and could rally to the upside if it holds above the 25-day SMA.
The Shiba Inu team announced something exciting this week:
Shiba Inu is taking a major step towards decentralized governance by launching a DAO.
This initiative aims to give Shiba Inu owners a say in shaping the project's future.
Shiba Inu will experience a lot more network activity, its upgrades and burn rates will directly benefit holders, and its price is set to explode soon.
Here’s everything to know about the next big thing with $SHIB.
According to a recent tweet from Lucie, Shiba Inu's marketing lead, the project is set to introduce a decentralized autonomous organization known as a DAO.
In detail, this decision will empower $SHIB holders with voting rights regardless of the size of their holdings.
Every single individual who holds SHIB will be able to vote on various incoming proposals, and we are about to see Shiba Inu become a major in the crypto space.
According to Lucie’s announcement, Shiba Inu’s DAO will be managed by two main councils called the "Charity Council" and the "Culture & Heritage Council."
These councils will be responsible for directing the community-driven initiatives, ensuring that the voices of SHIB holders are heard.
Furthermore, other Shiba Inu-affiliated tokens, such as $BONE and $LEASH, will also have roles in this new organization
Shiba Inu hasn't reacted significantly to the news so far. However, it is up by around 14% over the last week, showing significant bullishness.
According to the charts, Shiba Inu is attempting to finalize a breakout from the descending wedge.
Shiba Inu’s descending wedge
The cryptocurrency successfully broke out of the formation on 21 August and rallied by around 15% to $0.00001882.
However, its 50-day SMA ($0.0001553) appears to be especially strong and has caused the memecoin to retest its 25-day SMA ($0.00001455).
This means that if the $0.00001455 zone holds, we should see Shiba Inu rebound after the ongoing consolidation and rally to the upside soon.
Shiba Inu’s resistances to watch
According to the Fibonacci retracement tool, some of the major resistances to watch for include $0.00002222, $0.00002670, $0.00003119, $0.00003673, and finally, $0.00004569.
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