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Machine learning algorithm sets Shiba Inu price for February 29, 2024

Machine learning algorithm sets Shiba Inu price for February 29, 2024

As the majority of assets in the cryptocurrency market sail into the new week still largely undecided about which way their prices could move next, machine learning and artificial intelligence (AI) algorithms are cautiously optimistic about the price of Shiba Inu (SHIB) by the end of this month.

Specifically, the advanced algorithms deployed by the crypto and stock monitoring platform CoinCodex predict a slight uptick for Shiba Inu, having set its price at $0.000009363 on February 29, 2024, according to the latest data retrieved by Finbold on February 5.

Shiba Inu 1-month price prediction. Source: CoinCodex

Indeed, if the above predictions, which the machine learning algorithm arrived at on the basis of Shiba Inu’s historical price movements and other indicators, come true, they would represent a gain of 4.46% from where its price stood at the time of publication.

Bullish factors

Meanwhile, the most recent data from the Shibarium ecosystem explorer Shibariumscan reveals that the Shiba Inu network has recently surpassed the massive milestone of 3 million blocks produced, with a new block added once every five seconds.

On top of that, there are currently 1.35 million crypto wallets on the chain, in addition to Shibarium recording over 335 million transactions in total, altogether illustrating the blockchain’s impressive growth and making a bullish case for the network’s native cryptocurrency.

Shibarium network statistics. Source: Shibariumscan

Shiba Inu price analysis

As things stand, the price of SHIB presently amounts to $0.000008963, which indicates a decrease of 0.74% in the last 24 hours, a 0.23% drop across the previous seven days, adding up to the decline of 6.47% on its monthly chart, according to the most recent data.

Shiba Inu 30-day price chart. Source: Finbold

Elsewhere, the 7-day technical analysis (TA) sentiment gauges over at the finance and crypto sector analytics website TradingView are somewhat bearish about SHIB, their summary pointing at a ‘sell’ at 9, as based moving averages (MA) suggesting a ‘sell’ at 8 and oscillators in the ‘neutral’ zone at 9.

SHIB 1-week sentiment gauges. Source: TradingView

In conclusion, Shiba Inu might, indeed, reach the price projected by the machine algorithms. However, it is important to remember that things could easily change in this industry, which is why doing one’s own research and risk analysis is essential before investing any substantial amount of money.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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