The emergence of the text-based artificial intelligence (AI) platform ChatGPT is revolutionizing different sectors, such as helping traders analyze markets with tasks like determining possible crypto price predictions. Although the tool’s knowledge of current events in the crypto space remains limited, it can offer a glimpse of what to expect.
In particular, Finbold asked ChatGPT to offer a price prediction for meme cryptocurrency Shiba Inu (SHIB) in 2030. Indeed, the tool noted that based on the crypto market volatility, it is challenging to offer an exact price for SHIB.
However, the AI tool pointed out that the overall crypto market outlook and network development might determine SHIB’s price.
“It is impossible to predict the price of SHIB in 2030 with any degree of accuracy. The price of SHIB will depend on a variety of factors, including the performance of the cryptocurrency market, the development of the SHIB project, and the overall economic climate. <…> The cryptocurrency market is highly volatile and unpredictable, and any predictions made about the future price of SHIB are purely speculative,” said ChatGPT.
Notably, with the tool remaining in its experimental stage, it can be utilized to automate repetitive tasks such as monitoring prices and trading on specific conditions. The tool’s analytical potential can help traders make informed decisions based on market trends and prices.
SHIB price fundamentals
At the same time, the AI tool at PricePredictions has also set the SHIB’s price for the coming weeks. According to the tool that leverages a machine learning algorithm, SHIB is likely to experience a price correction to trade at $0.000012 on February 28.
It is worth noting that the projection offered by ChatGPT aligns with SHIB proponents who believe for the asset to rally, there is a need for more development on the network to provide the token more utility. Notably, since the token’s inception and rise, it has come under criticism for lack of utility.
In this regard, Shiba Inu developers have lined up several initiatives, such as the accelerated burning of tokens to improve the asset’s price. At the same time, the community is gearing up for the layer 2 protocol dubbed Shibarium.
According to the developers, Shibarium will reportedly minimize costs and increase transaction speeds once live. However, the launch date for the upgrade remains uncertain.
Shiba Inu price analysis
SHIB has generally been among the leaders of the 2023 crypto market gains; however, the token’s momentum appears to have been invalidated by the general slowdown in the market sentiment. By press time, SHIB was trading at $0.00001234 with losses of over 7% in the last 24 hours.
At the same time, the joke token’s one-day technical analysis on TradingView offers mixed signals. A summary of the gauges and oscillators aligning with neutrality gauging at 9 and 8, respectively. Moving averages are for ‘buy’ at 8.
Indeed, the bearish trendline comes after the token’s technical indicators exhibited signs of positive gains, with a possible upcoming bull pennant break out that positions the asset to target $0.017.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.