ChatGPT Speculates if Shiba Inu (SHIB) Can Experience a Bull Run Before the End of 2024
TL;DR
- ChatGPT claimed SHIBs price could rally in Q4, assuming certain factors like increased token burnings are in place.
- Expected interest rate cuts and reduced exchange selling pressure may also contribute to a potential uptick for the meme coin.
SHIB Yet to Unveil Its Potential?
The second-largest meme coin in terms of market capitalization witnessed a major rally in Q1, 2024, when its price pumped to as high as $0.00003629. Since then, though, it has been on a downtrend, currently trading at around $0.00001364 (a 62% decline compared to the yearly peak).
The SHIB community might be eagerly expecting a new resurgence in the near future, so we decided to ask ChatGPT if such a development is in the cards before the end of 2024.
The AI-powered chatbot said its difficult to predict that scenario with certainty, outlining several important factors that might play a role, the first of which is the advancement of Shibarium.
The layer-2 scaling solution is specifically designed to provide a scalable, low-cost, and efficient infrastructure that could foster the development of the Shiba Inu ecosystem. The protocol underwent some important upgrades over the past months, and some industry participants believe its further progress can benefit the SHIB price.
If Shibarium gains traction and sees increased adoption, it could boost demand for SHIB, as users would need the token for transaction fees and interacting with the network, ChatGPT stated.
The next factor on the list is Shiba Inus burning program whose ultimate goal is to reduce the huge circulating supply of the meme coin, making it scarcer and potentially more valuable in time (should demand stays the same or heads north).
As CryptoPotato reported, more than 680 million SHIB tokens were burned in August. The overall number of coins sent to a null address since the launch of the mechanism stands at over 410 trillion, meaning there are currently 583.4 trillion in circulation.
Positive investor sentiment, broader market revival, additional support from leading exchanges, and global macroeconomic conditions are other elements that may boost SHIBs valuation in the remaining months of the year.
Incoming Surge in the Short-Term?
Another possible factor suggesting that SHIBs uptrend could occur as early as this month is the upcoming FOMC meeting (scheduled for September 18) following which the US Federal Reserve is expected to cut interest rates for the first time in years. The movement makes money-borrowing cheaper and could increase the investor interest in risk-on assets such as cryptocurrencies.
Certain on-chain metrics also hint at good days ahead for SHIB bulls. The Shiba Inu exchange netflow, for example, has mostly been negative in the last week, signaling a shift from centralized platforms toward self-custody methods. This could be interpreted as a bullish sign since it reduces the immediate selling pressure.
The post ChatGPT Speculates if Shiba Inu (SHIB) Can Experience a Bull Run Before the End of 2024 appeared first on CryptoPotato.
Text source: CryptoPotato
