At one point in 2024, meme coins were the most prominent cryptocurrencies, accounting for almost all of the top 10 currencies in the cryptocurrency market. The period saw many older coins hit new all-time highs (ATH) or, at least, come very close to their old peaks.
The newer meme coins also performed at exceptionally high levels and generated new rags-to-riches stories overnight, although there were some mishaps and old-fashioned scams as well.
While things calmed down a bit in May, meme coins remain popular and relatively strong, and few are as interesting as one of the biggest cryptocurrencies around: Shiba Inu (SHIB).
With this context in mind and inspired by the new update, Finbold decided to consult the most advanced version of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT-4o – on how SHIB might perform for the remainder of 2024.
ChatGPT sets SHIB price for late 2024
After analyzing Shiba Inu’s recent performance and its current circumstances, ChatGPT has developed a speculative scenario, largely based on factors generally considered positive for any cryptocurrency, to provide a price target for SHIB at the end of 2024.
According to the AI, if SHIB were to find new use cases and take advantage of technological developments – possibly on the broader Ethereum (ETH) blockchain – it could, as long as cryptocurrency market sentiment remains stable and the regulatory environment does not worsen , reaching approximately $0.000035 by the end of 2024.
ChatGPT offers a bullish scenario for SHIB
ChatGPT also admitted that the factors outlined in its baseline scenario could have a significantly greater impact, particularly if the crypto community becomes very active on social media like X, thus helping to promote Shiba Inu.
Under such circumstances, AI believes that SHIB could reach $0.000080 before the end of 2024.
Given Shiba Inu’s continued commitment to further development – exemplified most recently by ShibaSwap’s arrival at Shibarium – an innovation-driven rally, like the one partially outlined by ChatGPT, remains possible and plausible for the meme coin.
A possible example of weakening trust in Shiba Inu is that an unknown “whale” recently transferred approximately 3 trillion SHIB worth almost $75 million to the Robinhood (HOOD) exchange.
Such a move could indicate a loss of confidence in the meme coin’s upcoming performance and a desire to sell while prices are still relatively high.
ChatGPT evaluates possible extreme outcomes
Finally, ChatGPT was asked if it believes any extreme scenarios in either direction are plausible, given recent developments in the cryptocurrency industry and market.
While the AI considered both bullish directions – which would depend on much the same factors as the other bullish scenarios, though, again, each with a greater impact – which would see SHIB reach $0.000150 by the end of the year, assessed that its extremely bearish scenario is more likely.
ChatGPT’s extremely bearish scenario – which would see Shiba Inu fall to just $0.000001 – would hinge on a similar series of calamities as its more general pessimistic scenario, although the AI has proven more specific about potential glitches by naming them explicitly as security issues.
What is the future of SHIB?
While ChatGPT’s forecasts focus on the long term and offer a look at possible full-year 2024 trading outcomes for SHIB, analysts and experts, as of mid-May, were generally optimistic about the meme coin.
In mid-May, Ali Martinez shared his analysis of Shiba Inu on
Around the same time, another cryptocurrency expert, Nebraskangooner, assessed that SHIB’s recent performance indicates a high probability of an imminent bullish breakout.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.
