finbold.com
Meme cryptocurrency Shiba Inu (SHIB) is experiencing short-term price volatility amid a sharp correction that occurred on June 7.
Despite current price movements, SHIB investors are focused on witnessing the token reduce the number of zeros in its price, with the one-cent mark remaining a likely target.
Based on SHIB’s underlying fundamentals, reaching this level is challenging. However, Finbold turned to OpenAI’s latest and most advanced artificial intelligence (AI) tool, ChatGPT-4o, to gather insights on when SHIB might hit $0.01.
To predict the timeline, the AI platform first acknowledged the underlying factors likely to propel SHIB to $0.01. ChatGPT-4o noted that market sentiment plays a crucial role, as cryptocurrencies can experience rapid price changes due to shifts in investor sentiment.
Increased adoption and new use cases can drive demand, significantly influencing the price of SHIB alongside regulatory changes. Moreover, technological developments within the Shiba Inu ecosystem can attract more investors, driving the price upward.
SHIB price targets
The AI tool noted that Shiba Inu would require major adoption, a strong bull market, and perhaps major technological or partnership developments to reach $0.01. Given its current price of $0.00002325, it would need to increase by approximately 430 times.
Optimistically, the AI platform assumed that in the event of a strong bull market and significant positive developments, it could take several years, with a timeline of 5-10 years.
In this case, to attain the $0.01 mark, SHIB will need to undergo significant buying pressure. Therefore, If Shiba Inu reaches a price of 1 cent, the market cap would be approximately $5.88 trillion.
Although ChatGPT-4o cited the challenge of attaining the $0.01 mark, it projected the most likely highest price level for SHIB. The tool noted that the price target would still be contingent on massive adoption and market dynamics.
According to ChatGPT-4o, assuming a highly optimistic market scenario, SHIB could potentially see a 10x to 100x increase from current levels. This would put SHIB in the range of $0.00023 to $0.0023 as the most realistic highest price target.
In the meantime, it’s worth noting that the Shiba Inu community has implemented measures to help the token gain momentum and compete. For instance, Shiba Inu heavily relies on initiatives such as token burning to provide more sustainability.
For instance, in early June, the token increased about 16,600% in token burning. Overall, the burn mechanisms are meant to reduce the overall supply of SHIB in circulation, potentially enhancing its value.
Shiba Inu price analysis
At press time, Shiba Inu was trading at $0.00002315, having corrected by over 7% in the last seven days.
In summary, SHIB’s price has generally been trending downwards from June 6th onwards. Notably, watching the price action around $0.000025 and $0.0000245 will be important, as breaking through these resistance points could lead to a possible bullish breakout.
On the flip side, observing how the price interacts with the $0.000023 and $0.0000225 support levels can offer buying opportunities.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.