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Can Shiba Inu Price Reach $0.0001 This Month? Analysts’ forecasts speak in favor
Shiba Inu is trending again for its current slow gains cryptocurrency market, as the price of the token has increased by 8% in the last few days. More importantly, it increased its price from a low of $0.00002082 to the current price of $0.00002553.
It is the second largest meme coin, but for the past three years it has failed to beat its all-time high of $0.00008845. With its current surge, investors are hopeful Shiba Inu Price to rise to $0.0001 before the end of the year.
Factors That Could Push Shiba Inu to $0.0001
Based on the ongoing cryptocurrency bull cycle, Oscar Ramos predicted that Shiba Inu will rise to $0.0001 by 2025, an increase of nearly 650% based on a current price of $0.00002543. Many similar predictions
they are also present in the cryptocurrency market. Some even have more detailed and long-term forecasts even for years.
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Crypto firms like Changelly and Telegaon have predicted to see Shiba Inu at $0.000059994 in the next six years and call the current running of the bull the main factor behind the $0.000059994 target.
Collaboration with CDSA
In the middle of last month, Shiba Inu announced his Association with the CDSA (Content Delivery & Security Association) in an effort to become part of opportunities such as security, content delivery and other business enablement capabilities of blockchain. This collaboration has become a significant factor in the current SHIB price increase.
Shytoshi Kusama, the lead developer of Shiba Inu, says:
CDSA members are the biggest names in media and entertainment, from movie studios to key partners that are part of the global ecosystem. We look forward to bringing a unique, blockchain-focused perspective to CDSA’s work in helping media and entertainment executives better utilize these innovative technologies, especially as blockchain and artificial intelligence converge
This collaboration has strengthened the image of the Shiba Inu on the market and, if the result of this collaboration conforms to expectations, it will help the increase in the price of the token.
Shiba Inu witnesses Heimdall’s Hard Fork
Shibarium has completed its Heimdall hard fork on May 3 after reaching the height of block 4504576. The hard fork
it was done to optimize the Shibarium infrastructure to achieve greater growth and adoption. Overall, this update will focus on increasing network performance, improving transaction processing steps, and offering scalability.
This hard fork will improve the performance of the Shiba Inu token, which will further help with the price.
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Along with this hard fork, the SHIB burn will also help the token’s scalability. An increase of 4085.94%. The burning rate of Shiba Inu resulted in the burning of 81.64 million SHIB tokens in the last 24 hours. Token burn is a way to decrease the total supply of SHIB to help maintain token scarcity. This scarcity will help increase the value of the token.
Conclusion
Although analysts believe in Shiba Inu’s potential to reach a high of $0.0001, the journey is quite long. Due to the slow market and interference from whales, high selling pressure was present until recently. It remains to be seen how long the bearish effect for the meme coin will continue before it manages to gain a new ATH.