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While the broader cryptocurrency market has witnessed short-term volatility, meme coin Shiba Inu (SHIB) has notably stood out by mainly trading in the green zone for the short term.
Particularly, the meme coin has largely mirrored the performance of the overall crypto market. Investors are keenly observing how far SHIB will rally, especially considering the communityās efforts to enhance its utility.
Indeed, the Shiba Inu community has increasingly emphasized initiatives such as token burning to bolster its competitiveness against other established cryptocurrencies.
To gather insights into how SHIB will likely perform in the coming months, Finbold consulted Anthropicās Claude 3 Opus AI platform, a notable competitor to OpenAIās ChatGPT.
SHIB price predictions
In this case, the tool offered three possible scenarios for SHIB by the end of 2024.
In the most plausible scenario, SHIB could maintain its current momentum, potentially trading within the range of $0.000050 to $0.000080.
However, this projection cautiously incorporates the possibility of market corrections and stabilization, which are commonplace in the volatile cryptocurrency domain.
In an optimistic scenario fueled by bullish market sentiment, heightened adoption, or significant news catalysts, the AI platform noted that SHIB could surge to a maximum potential of $0.000120. Achieving this pinnacle would necessitate sustained growth and influential factors instilling investor confidence.
āShiba Inu has demonstrated strong growth potential, as evident from its recent 200% increase in the last 30 days. This suggests that there is significant investor interest and market momentum behind the cryptocurrency,ā the tool said.
Additionally, Claude AI also factored in a bearish outlook for SHIB noting that the token could be impacted by market downturns, intensified competition, or adverse regulatory developments. In such a scenario, SHIBās price might retreat to a minimum of $0.000020.
SHIB network activity
In the meantime, SHIB continues to record increased network activity, especially around the burning rate for excess tokens. Notably, data retrieved from Shibburn on March 23, over the last 24 hours the burn rate has surged over 300%.
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