Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Shiba Inu [SHIB] has seen some hike in its price in the last week of trading, however, the price still needs to go past its previously tested levels of resistance to build on its bullish momentum.
While Zach Humphries, a crypto analyst tweeted recently that SHIB might not be going to $1 anytime soon, ChatGPT has a different perspective about it altogether.
Shibarium’s history
In a recent X (formerly Twitter) update, the Shiba Inu team revealed 2024-2025 plan specifics. Lucie, Shiba Inu’s marketing head, shared facts from a discussion with Shytoshi Kusama, the main developer and co-founder.
Lucie provided insight into the Shiba Inu ecosystem’s future views, ambitions, and development plans.
While specifics of the discussion remain private, Lucie stated
“The goal is to have everything finished by the end of this year.”
This underlines the commitment to complete existing initiatives and introduce new features to the Shiba Inu ecosystem by the end of 2024.
Lucie mentioned ongoing projects, such as the creation and use of Decentralised Apps (dApps) and the beneficial effects of new collaborations on the Shibarium network.
The accomplishment of the ecosystem’s aims is likely to have a significant impact on the tokens BONE, LEASH, and SHIB, particularly SHIB burns.
Not just a meme coin
A renowned pseudonymous crypto expert Ali recently stated that SHIB was seeing a surge in buying activity.
Notably, there has been a large outflow of over 8 trillion SHIB from recognized crypto exchange wallets since November 2023.
Popular sports personalities like SHIB too, with Filipino boxing legend Manny Pacquiao announcing that his charitable foundation will use the memecoin’s network for fundraising.
The Manny Pacquiao Foundation will incorporate Shibarium within the foundation’s operations.
In a whirlwind of cryptocurrency fervor, meme coins, propelled by vibrant communities, have seized the spotlight. SHIB emerged as a major player, riding the waves of community support rather than real-world utility.
Such has been the craze that in the past as well, AMBCrypto has enquired about what AI bots like ChatGPT think of SHIB.
Shiba Inu 101
The tale began in 2020 when an enigmatic figure or a group, named Ryoshi, started SHIB as an ironical tribute to the eponymous Japanese dog breed, also Dogecoin’s [DOGE] mascot.
A parody of the crypto-frenzy, the project started from zero, with zero, in the spirit of creating something out of nothing. It was not founded by an existing community or preassembled team.
SHIB, an Ethereum [ETH]–based ERC-20 token, quickly soared in popularity due to its charismatic ShibArmy and strategic endorsements by online influencers.
Notably, Elon Musk’s foray into Dogecoin’s world also fueled SHIB’s meteoric rise.
The ShibArmy, a passionate community, spearheaded SHIB’s success, accumulating over 27,000,000% in price rise from January to October 2021.
July 2021 saw the emergence of ShibaSwap, SHIB’s decentralized exchange. It marked a paradigm shift, adopting the automated market maker (AMM) model.
It allowed users to “dig” (provide liquidity), “bury” (stake), “fetch” (retrieve), and swap SHIB, LEASH, and BONE tokens.
The innovative passive income reward system, along with a six-month lock rule, brought a new dimension to the DeFi landscape.
While skeptics viewed SHIB as a pump-and-dump coin lacking real-world utility, its “Decentralized Meme Token” status found resonance within the crypto-community.
The SHIB token, encapsulated in the “woof paper,” aimed to experiment with spontaneous decentralized community building, putting power back into the hands of people.
Positioned as the “Dogecoin Killer,” SHIB is often cheered on to surpass its precursor.
The Ethereum creator’s involvement
Ryoshi, the mysterious creator, stirred a storm in the crypto-realm by transferring 50% of SHIB’s supply to Ethereum’s Vitalik Buterin.
The transfer of such a huge sum being gifted to an individual triggered debates around SHIB’s decentralization.
This move fueled controversy, raising questions about decentralization.
However, Buterin’s unprecedented burn of SHIB tokens worth $6.6 billion alleviated concerns and showcased SHIB’s resilience.
Source: Etherscan
The uniqueness of the Shiba Inu ecosystem lies in its colossal total supply—An astronomical one quadrillion tokens.
SHIB’s market presence expanded as it secured listings on major exchanges, including Coinbase, Binance [BNB], Huobi, and Kucoin.
The American exchange Robinhood, however, remained cautious due to security concerns.
The roadmap for SHIB’s future remained shrouded in secrecy, with developers hinting at potential coin burns and a Metaverse entry, signaling continued evolution.
Shibarium’s layer-2 solution
In a recent revelation, NowNodes, a prominent Node operator and blockchain API developer, declared Shiba Inu’s Shibarium layer-2 solution as “one of the best-performing networks” in the blockchain technology ecosystem.
NowNodes conveyed that Shibarium has proven to be a standout performer, processing over 66 million requests since its launch in August this year.
Taking to X, NowNodes expressed enthusiasm, stating,
“Shibarium Net was one of the best-performing networks in our ecosystem this month. Our team prepared a Milestone report dedicated to the success, most recent updates, and highlights of the network.”
NowNodes had been an early supporter of Shibarium, extending its support both before and after the layer-2 solution’s launch.
Shibarium’s success lies in its robust performance, making it the most utilized L-2 network in terms of providing seamless transactions to users.
Outshining competitors, Shibarium has remained active and dynamic, with users consistently initiating transactions on the platform.
Now let us dive into some details about the coin and what ChatGPT has to say about its price movement in the future.
Not just a meme coin
While Shiba Inu has often been labeled a “meme coin,” characterized by its playful dog-themed branding and community-driven nature, it’s important to note that the term doesn’t diminish its impact.
Despite originating as a meme, the token has evolved beyond its initial classification.
With a dedicated community and initiatives like the Shibarium L2 solution, Shiba Inu demonstrates resilience and innovation in the crypto space.
The “meme coin” label may overlook the substantial developments within the Shiba Inu ecosystem, reflecting a broader shift in perception from a meme-based token to a dynamic player in the cryptocurrency market.
Curious as to whether SHIB could break free of the public perception of being labeled a meme coin, I asked ChatGPT about it. The results were interesting –
Source: ChatGPT
ChatGPT seems to think Shiba Inu’s association with meme coins, stemming from its meme-inspired origins, doesn’t confine its potential.
Labels are limiting, and Shiba Inu, like a metaphorical jailbreaker, has the tools to transcend them.
The key lies in visionary leadership, ongoing innovation, and a robust community.
Beyond memes, Shiba Inu can redefine its narrative, becoming a substantial force in the crypto realm. The power is vested in those who recognize its disruptive potential.
So, rather than viewing it through the lens of a meme coin, Shiba Inu has the opportunity to rewrite its story and emerge as a formidable player.
Musk’s influence
Shiba Inu’s meteoric rise finds roots in the dual engines of influential endorsements and a fervent community.
Elon Musk, the tech magnate with a penchant for crypto, significantly impacted Dogecoin and Shiba Inu’s trajectory through his tweets and TV appearances.
His endorsements, even mentions, created a ripple effect, drawing attention to the meme-inspired token. This phenomenon, often dubbed the “Elon Effect,” illuminated Shiba Inu in the crypto-sphere.
Yet, the community’s role was equally pivotal. The Shiba Inu community, characterized by passionate holders, actively propagated the token’s appeal.
Social media platforms became virtual battlegrounds for Shiba enthusiasts, amplifying the token’s visibility.
The strong community support fortified Shiba Inu against market fluctuations and skepticism, creating a self-sustaining ecosystem.
I hovered over to ChatGPT for the AI’s take on this. Curiously enough, the response suggested much more.
Source: ChatGPT
ChatGPT seems to think the Shiba Inu phenomenon reflects a shared aspiration to challenge the established financial order, seeking novel avenues for wealth creation.
While influencers and communities act as catalysts, the enthusiasm is sustained by a fundamental desire for change and exploring uncharted territories in the crypto landscape.
It is a reminder that beyond the hype lies a profound quest for redefining financial paradigms. There also seems to be a passion for embracing the transformative potential of decentralized technologies.
Shiba Inu, in essence, becomes a symbol of this collective journey toward a decentralized and dynamic financial future.
ChatGPT’s take on SHIB
I asked ChatGPT to predict SHIB’s price within a week, given its current price.
Source: ChatGPT
The AI bot predicted SHIB to rise to $0.000009 within a week—a rise of less than 10% on the part of SHIB over the next seven days. It’s a reasonable expectation by all means.
I then asked ChatGPT to predict SHIB’s price towards the end of 2024.
Source: ChatGPT
The bot forecasted a price of $0.00002 for SHIB by the end of 2024—a 2.5x rise within a year. Again a very reasonable estimate, given ChatGPT’s frequent forecasts of exceedingly high price surges.
Any crypto enthusiast following SHIB would have wondered, “Will SHIB reach $1?” Or even, $0.1.
Considering the latter scenario which seems more likely than the former, I wondered if ChatGPT would be equally positive about it as I was.
Source: ChatGPT
ChatGPT’s response was too ambiguous, to say the least. It said making predictions about the price of cryptocurrencies like Shiba Inu is akin to navigating uncharted waters.
Even so, it remains positive that $0.1 is within the realms of possibility as far as SHIB is concerned.
The meme coin doesn’t exist in isolation though. SHIB, while a meme coin, is also influenced by other factors, just like other cryptocurrencies.
Ergo, while $1 is a realistic target, it’s not an easy one. As an investor or a trader, one must thus approach such forecasts with caution.
By and large, the crypto market indicates that success hinges on various dynamic factors, such as community support and broader market trends.
What do the charts say?
Source: SHIB/USD, TradingView
Shiba Inu saw a 2.78% increase in its price in the last week of trading standing at $0.00000970 at the time of writing.
The Relative Strength Index or RSI stood at 57 above the 50-mark, showing a weak bullish momentum.
This sentiment was also reflected by the Parabolic SAR, which saw markings being formed below the price movement showing a possible upturn and a buy signal for traders.
The price seems to be headed toward the next level of resistance which is situated at $0.00001037, if the price can break past this level then it can be expected to move further upwards.
Conclusion
The Shiba Inu ecosystem is working on impacting its native tokens by emphasizing partnerships and the completion of ongoing projects.
The time frame remains ambitious, but the team’s devotion foreshadows an exciting period of growth for the Shiba Inu community.
ChatGPT has some optimistic predictions for the Shiba Inu token and while it is still a popular option for many investors given its expansion past its image of being just a meme coin.
Trading requires a lot of strategizing and it is important to make informed decisions on your own before making any investments.
