As we approach the summer of 2024, investors are keenly evaluating potential opportunities within the cryptocurrency market, particularly with popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB).
Both of these digital assets have captured significant attention due to their vibrant communities, substantial volatility, and developmental trajectories. However, the current market conditions leave investors wondering which of these two meme coins will perform better.
To address this question, Finbold asked ChatGPT-4o which meme coin, Shiba Inu or Dogecoin, is poised to be the best performer.
We used the following prompt with ChatGPT-4 to get the recommendation:
“Which meme coin, Dogecoin (DOGE) or Shiba Inu (SHIB), is better for investment in the summer of 2024, considering each coin’s attributes (e.g., year-to-date performance, volatility, development activity, community support, market trends, potential for growth, and overall stability)? I want the objectively best option for potential short-term gains and long-term value with higher scores for these attributes. Justify your answer“
ChatGPT-4o:Shiba Inu (SHIB) emerges as the better investment option for the summer of 2024
ChatGPT-4o named SHIB as the better investment option for summer.
Notably, it highlighted SHIB’s ongoing development activities and optimistic market trends, suggesting it is building a robust ecosystem with multiple use cases, enhancing its long-term viability.
The strong community support for SHIB, combined with potential price surges, makes it an attractive investment. Despite the volatility, the active development and positive projections for SHIB indicate higher scores across key attributes, making it a better option for investors seeking substantial returns.
Key attributes of SHIB for summer investment. Source: ChatGPT-4o / Finbold
Objective recommendation for summer investment. Source: ChatGPT-4o / Finbold
SHIB and DOGE price analysis
SHIB and DOGE price analysis. Source: TradingView
As of now, DOGE is trading at $0.1518 with a year-to-date (YTD) increase of 67%, while SHIB is priced at $0.00002407, showing a YTD growth of 132%.
DOGE might be the better option for investors seeking relative stability and potential short-term gains driven by social media hype and endorsements, as its higher liquidity and market cap provide a cushion against extreme volatility.
On the other hand, SHIB could be more attractive for those looking for higher potential returns and long-term value.
Diversifying investments between both assets could also be a prudent strategy to mitigate risks and capitalize on the strengths of each coin.
Balancing the stability and immediate appeal of DOGE with the promising growth potential of SHIB can help create a well-rounded and resilient cryptocurrency portfolio for the summer of 2024 and beyond.
