Following the release of the text-based artificial intelligence (AI) tool ChatGPT by OpenAI, other generative AI bots have risen to prominence, including Google’s Bard, which has demonstrated its capabilities in the analysis of assets in the cryptocurrency market, such as Shiba Inu (SHIB).
Specifically, as Shiba Inu records modest increases following the consolidation of gains it had achieved over the previous several days, Finbold has turned to Bard for insights regarding the price of the dog meme cryptocurrency following the launch of layer 2 blockchain Shibarium in August this year, from a standpoint as of July 31.
Factors at play
As it happens, Bard delivered a comprehensive analysis, stressing that there were “a number of factors that could contribute to an increase in price,” including the adoption of Shibarium by developers, the level of efficiency and scalability it offers, and positive news about the entire ecosystem.
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That said, Bard also highlighted the influences that could negatively affect Shiba Inu’s price, such as a decline in the overall cryptocurrency market, as well as negative news coverage of the Shiba Inu ecosystem, such as a security breach or a rug pull.
Specific figures
In terms of specific numbers, Bard listed several Shiba Inu price predictions from multiple sources, including financial technology, stocks, and crypto news portal Coinpedia, which has set the price of the meme digital asset at $0.0000259 by the end of 2023.
Furthermore, the second prediction, made by CryptoNewsZ, projects SHIB to reach $0.0000289 in 2023, whereas Thenewscrypto is not as bullish, having set the price of Shiba Inu to end up somewhere in the range between $0.00001419 and $0.00002204 during the same period.
Shiba Inu price analysis
In the meantime, the price of SHIB at press time stood at $0.000008597, which suggests an increase of 1.31% in the last 24 hours, as well as 11.19% across the previous seven days, while on its monthly chart, Shiba Inu has advanced 12.68%.
At the moment, Shiba Inu is facing the strongest support at the price level of $ 0.000007593, while its most solid resistance rests on the $ 0.000009143 level. Its ability to reach the price thresholds projected by Google Bard will depend on the above factors performing together.
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