Shiba Inu is again trending for its current surges in the slow crypto market, as the token price has increased 8% in the last few days. More importantly, it has lifted its price from a low of $0.00002082 to the current price of $0.00002553.
It is the second most important meme coin but has failed to beat its all-time high record of $0.00008845 in the last three years. With its current surge, investors are hoping for Shiba Inu price to surge to $0.0001 before the year ends.
Factors That Might Push Shiba Inu To $0.0001
Based on the ongoing crypto bull cycle, Oscar Ramos has predicted Shiba Inu to rise to $0.0001 by 2025, a surge of almost 650% based on a current price of $0.00002543. Many similar predictions are also present in the crypto market. Some even have more detailed and long-term predictions even for years.
Also Read: 4 Profiting Meme Coins To Buy Instead Of Old Solana Ones
Crypto firms like Changelly and Telegaon have predicted seeing Shiba Inu at $0.000059994 in the next six years and calling the current bull run the major factor behind the $0.000059994 target.
Collaboration With CDSA
In the middle of last month, Shiba Inu announced their partnership with the CDSA (Content Delivery & Security Association) in an attempt to become part of opportunities like security, content distribution, and other business-enablement capabilities of blockchain. This collaboration has become a significant factor in the current SHIB price surge.
Shytoshi Kusama, the lead developer of Shiba Inu, says,
CDSA members are the biggest names in media and entertainment, from the studios to the key partners that are part of the global ecosystem. We look forward to providing a unique and blockchain-first 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 boosted the image of the Shiba Inu in the market, and if the result of this collaboration comes as per the expectation, it will aid in the price surge of the token.
Shiba Inu Witnesses The Heimdall Hard Fork
Shibarium completed its Heimdall hard fork on the 3rd of May after reaching a block height of 4504576. The hard fork was done to optimize the Shibarium’s infrastructure to attain more growth and adoption. Overall, this upgrade will focus on increasing the network’s performance, enhancing the transaction processing steps, and offering scalability.
This hard fork will improve the performance of the Shiba Inu token, which will further help with price.
Also Read: PEPE Price Targeting A New ATH In May 2024
Along with this hard fork, the SHIB burn will also aid in the scalability of the token. A 4085.94% surge in Shiba Inu’s burn rate resulted in the burning of 81.64 million SHIB tokens in the last 24 hours. The token burning is a way to decrease the total supply of the SHIB to help maintain the scarcity of the tokens. This scarcity will help in increasing the value of the token.
Conclusion
Though the analysts do believe in the potential of Shiba Inu to surge to a high of $0.0001, the journey is quite long. Because of the slow market and whale interference, high selling pressure was present until recently. It has to see how long the bearish effect will continue for the meme coin before it succeeds in gaining a new ATH.
The post Can Shiba Inu Price Attain $0.0001 This Month? Analysts Predictions Speaks In Favor appeared first on CoinGape.
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