From the launch of a first-ever U.S. futures-based Bitcoin ETF to an NFT sale worth nearly $70 Million, 2021 has been action-packed for the cryptocurrency market. As the year came to a bitter-sweet end with Bitcoin slipping below $48K, Shiba Inu fans had reasons to celebrate.
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Shiba Inu Launches Doggy Dao
Just a day before New Years, the Shiba Inu dev team announced the launch of “Doggy Dao” in a blog post. The protocol, which will be rolled out in two phases, would “broadcast the capacity of community-oriented decisions, in ways that can accelerate the growth of Shiba Inu”.
Phase 1 or DAO1 “is focused on providing immediate power to the community in order to decide which crypto projects and pairs on the ShibaSwap WOOF Pools will be, and how the $BONE rewards (Allocation Points) are to be distributed amongst them”. The blog further highlighted that there would be a list of top 50 liquidity/volume pairs on ShibaSwap and each user can weigh their important votes into the project.
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Meanwhile, “DAO 2 will be a system that allows the community to make generic proposals to be considered or reviewed by our Multisig-Team, and Breeds”
DAO’s, or decentralized autonomous organizations have existed for years but came under the limelight after ConstitutionDAO pooled in nearly $45 million to buy a copy of the U.S. constitution. Even though ConstitutionDAO ‘s bid failed, the community was redirected to different ways of actively engaging in their favorite project.
Similarly, Doggy Dao will now act as a bridge between the community and the project, which only reinforces Shiba Inu’s vision of “community building within a decentralized space”.
Shiba Inu Projections Bullish in 2022
With ShibaSwap version 2.0, layer 2 solution Shibarium and decentralized marketplace Shibanet lined up, Shiba Inu is in for an exciting 2022. External developments and additional use cases allow for more sustainable price growth as more users enter the market. According to CryptoPredictions.com, Shiba Inu’s price could deliver double-digit returns to its investors for most of the year. A detailed in-house analysis of Shiba Inu on the 4-hour timeframe showed that the token awaited a close above $0.00003442 resistance its 200-SMA (green) to kickstart a rally.
