At one point in 2024, meme coins were the apex cryptocurrencies, accounting for nearly all of the top 10 performers in the crypto market. The period saw multiple older coins hit new all-time highs (ATH) or, at least, reach very close to their old peaks.
Newer meme coins were also running exceptionally high and generating new overnight rags-to-riches stories, though there were also some mishaps and old-fashioned scams.
Though the situation has calmed somewhat in May, meme coins remain popular and relatively strong and few are as interesting as one of the most prominent cryptocurrencies out there – Shiba Inu (SHIB).
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With this context in mind and inspired by the new update, Finbold decided to consult the most advanced version of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT-4o – on how SHIB might fare through the rest of 2024.
ChatGPT sets SHIB price for end of 2024
Upon analyzing Shiba Inu’s recent performance and its current circumstances, ChatGPT developed a speculative scenario – largely hinging on factors generally considered positive for any cryptocurrency – to provide a price target for SHIB at the end of 2024.
According to the AI, should SHIB find new use cases and benefit from technological developments – possibly on the broader Ethereum (ETH) blockchain – it might, as long as the crypto market sentiment remains stable and the regulatory environment does not turn worse – reach around $0.000035 by the end of 2024.
ChatGPT offers a bullish scenario for SHIB
ChatGPT also conceded that the factors it outlined in its baseline scenario could have a significantly larger impact – particularly if the crypto community turns highly active on social media such as X, thus helping promote Shiba Inu.
Under such circumstances, the AI believes SHIB could hit $0.000080 before 2024 is over.
Given Shiba Inu’s continued commitment to further development – most recently exemplified by the arrival of ShibaSwap to Shibarium – an innovation-driven rally, such as the one partially outlined by ChatGPT, remains both possible and plausible for the meme coin.
ChatGPT outlines a bearish SHIB scenario
The large language model (LLM), however, also warned that cryptocurrencies, and meme coins in particular, remain vulnerable to a string of dangers.
ChatGPT’s most advanced model singled out general volatility, increased regulatory pressure, technological setbacks, and a broader economic downturn – such as a recession – as areas of particular concern.
The AI concluded that should a combination of such factors converge, Shiba Inu might face a significant drop in price, potentially falling as low as $0.000010 by late December.
A possible example of a weakening of confidence in Shiba Inu is that an unknown ‘whale’ recently transferred approximately 3 trillion SHIB worth nearly $75 million to the Robinhood (HOOD) exchange.
Such a transfer might indicate a loss of confidence in the meme coin’s upcoming performance and a desire to sell while the prices are still relatively high.
ChatGPT assesses possible extreme outcomes
Finally, ChatGPT was asked if it sees any extreme scenarios in either direction as plausible given the recent developments in the crypto industry and market.
Though the AI considered both a bullish direction – which would hinge on much the same factors as its other bullish scenarios, though, again, with each having an increased impact – that would see SHIB hit $0.000150 by the end of the year, it assessed that its extremely bearish scenario is more likely.
ChatGPT’s extremely bearish scenario – which would see Shiba Inu drop to just $0.000001 – would hinge on a similar string of calamities as its more general pessimistic scenario, though the AI proved more specific on the potential technical issues naming them explicitly as security problems.
What is next for SHIB?
While ChatGPT’s forecasts are focused on the long-term and offer a glimpse at possible outcomes of trading through the entire 2024 for SHIB, analysts and experts are, in mid-May, proving generally optimistic about the meme coin.
In mid-May, Ali Martinez shared their analysis of Shiba Inu on X, indicating that it could – should it break above the descending parallel channel at $0.00002444 – soon rally to $0.00002954.
Around the same time, another crypto expert, Nebraskangooner, assessed that SHIB’s recent performance indicates a high likelihood of an imminent bullish breakout.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
