While the revived interest in artificial intelligence (AI) has yet to subside, thanks to continuous advancements, platforms like Google Bard have already demonstrated massive utility in analyzing trends and providing insights into the cryptocurrency sector and assets like Shiba Inu (SHIB).
Indeed, taking into account that SHIB has been keeping up with the latest cryptocurrency market trends, recording gains on all of its charts, Finbold has consulted Alphabet’s (NYSE: GOOGL) Google Bard for a comprehensive analysis of the possible price of the meme digital asset at the start of 2024.
Bard’s estimates for SHIB
As the AI tool highlighted, a “potential price range for SHIB at the start of 2024 could be between $0.000007 and $0.000015,” which “reflects both the possibility of continued growth due to positive developments and the potential for price fluctuations due to market conditions and other factors.”
Having said that, Bard still advises the reader to be wary as this is only a potential price range, and the actual price of the dog meme cryptocurrency at the beginning of 2024 could be higher or lower, as “cryptocurrency prices are highly unpredictable,” and caution is needed when considering any prediction.
Factors at play for SHIB
As the main factors at play, the chatbot singled out the growth of Shibarium, the Layer 2 scaling solution for the Shiba Inu ecosystem, the development and adoption of which “could lead to increased usage and transaction volume on the Shibarium network, potentially driving SHIB’s price.”
Additionally, the AI platform highlighted the importance of Shiba Inu’s growing and loyal community:
“SHIB has a large and active community of supporters, which has been instrumental in its growth. Continued support and engagement from the community could positively impact SHIB’s price.”
Furthermore, Bard stressed that growing institutional interest in Shiba Inu could also lead to increased investment and demand, helping prop up the price of this crypto asset in the future while also highlighting that “new developments, partnerships, and listings on major exchanges” would boost visibility and adoption.
SHIB price analysis
As things stand, Shiba Inu was at press time trading at the price of $0.000009, recording an increase of 4.33% on the day, in addition to advancing 4.80% across the previous week and gaining a more significant 27.12% over the past month, according to the latest data on November 16.
All things considered, the current price of SHIB is higher than Google Bard’s lowest forecast but also 66.67% lower than its upper projection, which means that this asset has more room to grow by the beginning of next year, particularly in the light of the announced collaboration with boxing legend Manny Pacquiao.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.