The Shiba Inu team has officially joined the Content Delivery and Security Association (CDSA) in order to protect media and entertainment content. This move has caused a significant response in the market, as Shiba Inu becomes the first layer 2 blockchain to become a part of this industry association.
In joining the CDSA, the Shiba Inu project aims to enhance content security and distribution by utilizing their Shibarium platform and blockchain technology. The primary objective of this initiative is to combat deepfakes and plagiarism within the field of artificial intelligence (AI). As AI continues to dominate various sectors, concerns have arisen regarding the proliferation of fake and potentially harmful content due to deepfakes and plagiarism.
Experts in the AI field are concerned that these issues may arise as most AI models learn from publicly available data. The Shiba Inu developers believe that blockchain technology could provide a solution to these emerging challenges in AI.
Shytoshi Kusama, the lead developer of Shiba Inu, expressed excitement about the collaboration with CDSA and the opportunity to offer a unique perspective on innovative technologies such as blockchain and AI convergence.
Established in 1970, CDSA is a highly respected association, making this collaboration a significant milestone for Shiba Inu.
Despite this news, Shiba Inu’s SHIB token has experienced a relatively small reaction in the market. Over the past 24 hours, SHIB has dropped by 8%, extending its weekly losses to 5%. Currently, SHIB is trading at $0.00002559. This decline is in line with the overall bearish sentiment in the cryptocurrency market, with Bitcoin dropping to the $68,000 support level, causing panic among investors.
However, there is some optimism for SHIB and the broader market due to the upcoming Bitcoin halving. So far this year, Shiba Inu (SHIB) has seen an impressive increase of 150%, following the trend of other top cryptocurrencies. This price rally has been fueled by SHIB burns, which have increased by 1465% in the past 24 hours, resulting in a total of 410,724,894,973,042 SHIB tokens burned since the initial supply.
Technically, SHIB has formed a double bottom pattern, resembling a “W” shape, which suggests that it may break the resistance level at $0.000029 and gain bullish momentum towards recent highs. Analysts predict that SHIB has the potential to reach $0.00003 and some even believe it could surpass Dogecoin (DOGE) in terms of market capitalization. Currently, SHIB has a market cap of $14.8 billion, while DOGE has a market cap of $26 billion.