Meme cryptocurrency Shiba Inu (SHIB) is experiencing short-term price volatility, but an artificial intelligence (AI) tool is forecasting that the token will likely see some stability and rally by the end of 2024.
At press time, SHIB was trading at $0.00001712, reflecting a 24-hour gain of slightly over 1%. This comes as the token attempts to recover from a sharp drop on October 26, that contributed to its decline of over 6% in the past week.
AI predicts SHIB’s price for end of 2024
To gain insights into how SHIB may trade at the end of 2024, Finbold consulted OpenAI’s ChatGPT-4 tool.
According to the AI’s analysis shared on October 24, SHIB could rally by over 70% and trade within a “realistic range” of $0.000005 to $0.00003 by December 31, 2024.
While acknowledging the speculative nature of tokens like SHIB, the AI platform identified several catalysts that could influence the token’s valuation.
These include general market sentiment, regulatory changes, macroeconomic conditions, adoption, and utility. The AI model also noted that monitoring the trading patterns of whale investors could impact SHIB’s volatility.
Elsewhere, an X post by the pseudonymous analyst SHIB KNIGHT on October 27 echoed the AI tool’s bullish forecast. The analyst suggested that SHIB might be forming a parabolic curve, potentially positioning the token for a breakout.
In the event the bullish pattern holds and market sentiment around SHIB strengthens, the token could attract more investors seeking to capitalize on the potential rally.
Shiba Inu key price catalysts
If Shiba Inu does rally, it may benefit from the ongoing resurgence of meme cryptocurrencies, particularly those built on the Solana (SOL) blockchain, which have seen a surge in investor interest.
SHIB could also gain from continued community-led initiatives aimed at increasing the token’s utility through network developments. For example, in an October 28 post on X, Shiba Inu marketing lead Lucie announced upcoming upgrades to Shiboshis, the Ethereum-based NFTs within the SHIB ecosystem.
These upgrades will enhance utility, offer exclusive events and rewards, and emphasize integrating the NFTs more deeply into the future of the SHIB ecosystem.
Beyond these developments, SHIB investors are also anticipating a bullish outlook driven by efforts to reduce the token’s supply through a burn mechanism. Over the past seven days, the network burned 95.44 million tokens, reflecting a growth of 108.73% in burn activity.
If the token breaks through the resistance range between $0.000018 and $0.000019—marking the average cost and break-even point for these positions—it may face increased selling pressure.
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