he world of meme cryptocurrencies has a reputation for being unpredictable yet exciting for interested investors.
Notably, the meme crypto space has been dominated by Dogecoin (DOGE) and Shiba Inu (SHIB), which have significantly grown to compete with established digital assets.
With 2024 showing general crypto market fluctuations, meme coins remain in the limelight due to their potential to rally. Notably, DOGE and SHIB remain competitors amid initiatives from their communities to enhance utility.
In this context, Finbold turned to OpenAI‘s latest artificial intelligence (AI) tool, ChatGPT-4o, to determine which meme coin is worth investing in 2024.
Key fundamentals
The tool identified several factors likely to influence their price. ChatGPT-4o noted that Dogecoin, the original meme coin, has enjoyed significant popularity since its inception. Boosted by social media trends and high-profile endorsements from figures like Elon Musk, DOGE has built a robust community and a strong market presence.
In contrast, Shiba Inu, often dubbed the “Dogecoin killer,” has a shorter but equally dramatic history. Despite being a newer entrant, SHIB has quickly gained traction, especially in the DeFi space, thanks to its active and enthusiastic community.
Regarding utility, Dogecoin is primarily used as a tipping currency on social media and for small transactions. Its utility is relatively limited, and while there have been discussions about enhancing its technological framework, concrete developments have been slow, according to ChatGPT-4o.
On the other hand, Shiba Inu is expanding its ecosystem with initiatives like ShibaSwap, a decentralized exchange, and Shibarium, a Layer 2 solution. These developments could significantly enhance its utility and market demand.
When considering market capitalization and liquidity, the AI platform noted that Dogecoin, with a larger market cap and higher liquidity, is easier to buy and sell without drastically affecting its price. This makes it a more stable investment option in the highly volatile crypto market.
With a smaller market cap, Shiba Inu is more volatile but offers greater potential for rapid gains, making it an attractive option for risk-tolerant investors looking for high returns.
The verdict
When investing in meme coins, the AI tool acknowledged that DOGE and SHIB are highly speculative and can be extremely volatile. Prices can swing wildly based on market sentiment and news, making investments in these meme coins high-risk endeavors.
For 2024, ChatGPT-4o provided some compelling insights based on recent performance. SHIB has shown a 60% increase, suggesting strong performance, high investor interest, and positive sentiment. Meanwhile, DOGE has increased by 22%, reflecting steady growth, albeit less aggressive in percentage gains.
ChatGPT-4o’s verdict on SHIB and DOGE. Source: Finbold/ChatGPT-4o.
For investors seeking potentially higher returns and willing to take on more risk, the AI platform
noted that SHIB might be the better option due to its higher percentage increase and active development efforts. Conversely, investors who prefer a cryptocurrency with a longer track record and potentially more stability might find DOGE a safer choice.
In summary, ChatGPT-4o noted that investing in meme coins requires thorough research and consideration of risk tolerance.