Memecoins
Will SHIB hit $0.1? ‘Absolutely,’ says ChatGPT about memecoin’s prospects
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contributor
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 a significant rise in selling pressure over the last few days. What this means is that a bearish run could be around the corner for the popular memecoin. Even so, there have been significant updates as far as the ecosystem is concerned. For instance, over 30,000 Shiba Inu non-zero addresses have been converted to wallets with a balance between October and now.
This is a sign that activity on Shiba Inu’s network is increasing. It also means that more market participants are embracing SHIB and doing their first transactions with the token.
Now, everyone has an interesting take on SHIB. What does an AI bot like ChatGPT think though?
The hype around the coin
A renowned crypto expert named 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.
#ShibaInu | Since November, there's been a massive withdrawal of over 8 trillion $SHIB from known #crypto exchange wallets – that's valued at approximately $88 million! pic.twitter.com/RLFA8N0dLI
— Ali (@ali_charts) December 24, 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.
Thank you @Shibtoken for the amazing article in the 2nd edition of The Shib! https://t.co/26JaWKfwKd
We are so excited about this partnerSHIB! #theShibMagazine #ShibArmy #Pacquiao pic.twitter.com/ofP7o0i1aj
— Manny Pacquiao Foundation (@MPac_Foundation) November 15, 2023
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’s origins and its popularity
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 cryptic-creator and Vitalik Buterin’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 [COIN], 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 dubbed “one of the best-performing networks”
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 (Formerly, Twitter), 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.
@ShibariumNet 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
Get into our new ? https://t.co/t4e5ljoXNi pic.twitter.com/WHyZZCQAE0
— NOWNodes ⛓️ (@NOWNodes) November 3, 2023
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.
The “meme coin” label continues to stick to SHIB
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.
Navigating the “Elon effect” and community power
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.
The million-dollar question: Will SHIB surge?
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. I must say it’s 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.
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 memecoin doesn’t exist in isolation though. SHIB, while a memecoin, 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.
How much are 1,10,100 SHIBs worth today?
A look at SHIB’s daily price chart
Source: SHIB/USD, TradingView
The popular memecoin, at press time, was trading at $0.0000951 on the charts, with SHIB down by almost 10% over the past week alone. SHIB peaked in mid-December, with the depreciation in value since particularly steep in 2024. As a result, SHIB’s price fortunes have been very mixed of late.
This was apparent when SHIB’s indicators were looked at too. While the Parabolic SAR’s dotted markers were well above the price candles – a bearish signal – the moving average was positioned above the memecoin’s price candles too. Additionally, none of these indicators suggested a reversal was looming either.
Conclusion
SHIB has demonstrated tenacity in maintaining its market position over the past few months. Despite its status as a memecoin, it has attracted many to its network. Ergo, it wouldn’t be surprising if it is able to reverse its most latest bout of price depreciation.
In fact, ChatGPT thinks so too, with its prediction suggesting that SHIB might gain momentum soon, perhaps leading to price rises.
However, while ChatGPT can be a useful indicator for pricing patterns, it is crucial to do your own research. Practice caution and use your judgment and discretion before investing in cryptocurrencies or other assets.
