The phenomenal meme of a meme coin is said to further intensify its raucous bark. Shiba Inu, the “Dogecoin killer” that has skyrocketed in popularity, is considered the world’s hottest cryptocurrency.
SHIB value started 2021 at $0.000000000073 per token, and the Shiba Inu price had since hit a monstrous rise to $0.000036, as of December 29, according to The Motley Fool. This has led to a 12-month meteoric rise of about 49,000,000 percent.
Entering the new year, SHIB seems ready for another astonishing surge after the Shiba Inu team announced its decentralized autonomous organization (DAO), which they named Doggy DAO or DAO 1 (Beta), Crypto Potato reported. It seeks to speed up the token’s growth and bullish Shiba Inu price prediction as they remain consistent with the principles of decentralization.
In the team’s official blog post, DAO 1 is set to bestow the SHIB community or ShibArmy with “immediate power” to have their say on crypto projects and pairs on the ShibSwap platform. The community will likewise decide on how BONE rewards are distributed. BONE is SHIB’s governance token that enables the community to vote on proposals set on the Doggy DAO. It has a total supply of 250,000,000 tokens.
Read Also: Shiba Inu Price Surge: $100 Investment in January 2021 Nets $53 Million!
ShibaSwap is the project’s native decentralized exchange. Doggy DAO will be driven by the community that is deemed to chart the future of Shiba Inu’s ecosystem. Users will choose its Liquidity Pools, as the developers won’t have any power or influence over it. As such, the objective of Doggy DAO is genuine decentralization. Because of this, the SHIB team is confident the release of its first phase will boost the coin’s value and attract more investors.
Currently, Shiba Inu shed 0.27 percent to $0.000034 percent, as per CoinDesk real-time figures.
SHIB value had taken a rough beating in the last two weeks, trading about one-third of its all-time high of $0.0008719, or plummeted 65 percent in value. But analysts forecast a brighter start for SHIB in early 2022, News Reportz emphasized.
The drop is attributed to the year-end unloading of cryptos due to tax reasons, and SHIB’s characteristic volatility, given its lower market cap compared to such crypto leaders as Bitcoin and Ethereum. A rebound is expected and regain momentum early this year, with bulls starting to pick up where they left off. For them, the upside potential is very significant, and thus they could look forward to a higher return on investment than other altcoin bulls.
SHIB is set for that big rally as it enters that important resistance level of $0.00003902. If they get solid support at this level, a climb of about 40 percent is predicted. Although there may be some hindrances at its 50-day simple moving average (SMA) of $0.00004099, adequate buying pressure could overcome this and push SHIB upwards, putting the token in the green for investors and traders.
Related Article: Shiba Inu Price Prediction 2022: SHIB Is Most Popular of 2021, But Will It Crash in 2022?
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