While the broader cryptocurrency market has witnessed short-term volatility, meme coin Shiba Inu (SHIB) has notably stood out by mainly trading in the green zone for the short term.
Particularly, the meme coin has largely mirrored the performance of the overall crypto market. Investors are keenly observing how far SHIB will rally, especially considering the community’s efforts to enhance its utility.
Indeed, the Shiba Inu community has increasingly emphasized initiatives such as token burning to bolster its competitiveness against other established cryptocurrencies.
To gather insights into how SHIB will likely perform in the coming months, Finbold consulted Anthropic’s Claude 3 Opus AI platform, a notable competitor to OpenAI’s ChatGPT.
SHIB price predictions
In this case, the tool offered three possible scenarios for SHIB by the end of 2024.
In the most plausible scenario, SHIB could maintain its current momentum, potentially trading within the range of $0.000050 to $0.000080.
However, this projection cautiously incorporates the possibility of market corrections and stabilization, which are commonplace in the volatile cryptocurrency domain.
In an optimistic scenario fueled by bullish market sentiment, heightened adoption, or significant news catalysts, the AI platform noted that SHIB could surge to a maximum potential of $0.000120. Achieving this pinnacle would necessitate sustained growth and influential factors instilling investor confidence.
“Shiba Inu has demonstrated strong growth potential, as evident from its recent 200% increase in the last 30 days. This suggests that there is significant investor interest and market momentum behind the cryptocurrency,” the tool said.
Additionally, Claude AI also factored in a bearish outlook for SHIB noting that the token could be impacted by market downturns, intensified competition, or adverse regulatory developments. In such a scenario, SHIB’s price might retreat to a minimum of $0.000020.
SHIB network activity
In the meantime, SHIB continues to record increased network activity, especially around the burning rate for excess tokens. Notably, data retrieved from Shibburn on March 23, over the last 24 hours the burn rate has surged over 300%.
Additionally, Lucie, the marketing lead of SHIB, remarked that while Bitcoin (BTC) and the entire cryptocurrency market are currently undergoing a phase of price reversal, she holds the belief that SHIB stands out as the sole coin capable of surprising the market.
Lucie anticipates the meme coin to surge to a new all-time high either preceding the upcoming Bitcoin halving event or shortly thereafter.
At the same time, Lucie highlighted that the market should anticipate something intriguing concerning the layer 2 scaling solution Shinarium, as well as the meme coins Bone (BONE) and Damn (DAMN).
Damn, a recently launched crypto by the Woofswap DEX, operates atop the layer-2 solution Shibarium. It incorporates an inherent system for burning Bone, the gas token of Shibarium. This burning mechanism is poised to significantly diminish Bone’s supply over time, rendering it a deflationary token.
Shiba Inu price analysis
In the short term, SHIB has gained almost 1.5% to trade at $0.0000277 by press time. Over the past seven days, the coin has also been on a positive trajectory with an almost 2% surge in its value.
In summary, given that SHIB is still striving to solidify its market utility, the meme coin remains heavily susceptible to the fluctuations of the general market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
