LUCKNOW (CoinChapter.com) – The Shiba Inu (SHIB) ecosystem recently announced for Decentralized Autonomous Organization (DAO) proposal. On August 25, Lucie, the pseudonymous marketing lead for Shiba Inu coin, announced plans for a DAO structure. The DAO governance would allow SHIB token holders to vote on future initiatives, regardless of the size of their holdings. However, whales have shown minimal activity in response to this announcement.
SHIB Coin Whales Remain Inactive — What’s Happening?
Despite the potential long-term benefits of the DAO, the immediate market response has been somewhat muted, particularly among SHIB’s coin largest holders. It appears that mid-sized holders are selling off or redistributing their coins, reducing their share of the total SHIB supply.
Conversely, the percentage of Shiba inu held by the largest wallets, those with over 1 billion SHIB, remains relatively stable, with only a slight decrease. This indicates that these whales are maintaining their positions. They are either confident in their long-term strategy or waiting for a more favorable market condition to make any move.
Exchange Reserves Are Declining — Potential Rally Ahead?
Additionally, Shiba inu exchange reserves are declining. It means holders are accumulating SHIB tokens in private wallets with the intention of holding onto it for the long term rather than selling it in the near future.
With fewer tokens available for trading, if demand for SHIB coin remains steady or increases, the reduced supply on exchanges could lead to price stabilization or even an increase.
As of this writing, SHIB price sits at $0.00001431, down 3.2% from a day ago.
Currently, Shiba Inu coin price seems to be finding some support around the $0.000014 level, but it has struggled to break above the $0.00002 resistance. If SHIB coin can hold the support level and gain momentum, it might attempt to rise back toward $0.00002 or higher. However, if the price falls below the current support, it could continue to decline towards $0.00001.
