As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull and bear runs, market crashes, and recovery phases. Based on my analysis, Shiba Inu (SHIB) could indeed unveil its potential for growth before the end of 2024.
TL;DR
- ChatGPT claimed SHIB’s price could rally in Q4, assuming certain factors like increased token burnings are in place.
Expected interest rate cuts and reduced exchange selling pressure may also contribute to a potential uptick for the meme coin.
SHIB Yet to Unveil Its Potential?
In Q1 of 2024, the second-largest meme coin by market capitalization experienced a significant surge in value, reaching as high as $0.00003629. However, since then, it has been on a downward trajectory and is currently trading at approximately $0.00001364, marking a 62% decrease from its yearly peak.
The Shiba Inu community could potentially be looking forward to a renewed growth phase in the coming months. As we were curious about this possibility, we decided to seek ChatGPT’s insights as to whether such an event might occur before 2024 comes to an end.
The AI-driven chatbot noted that it’s challenging to definitively foresee that situation due to various significant factors influencing it. One of these crucial factors is the progress made in Shibarium.
The layer-2 scaling solution has been tailor-made to create a scalable, cost-effective, and efficient infrastructure that could stimulate the growth of the Shiba Inu ecosystem. The system has undergone significant updates in recent months, and some industry experts anticipate these advancements could positively impact the SHIB price.
If Shibarium becomes popular and is widely used, it might lead to an increase in demand for SHIB tokens. This is because users would require the token to pay transaction fees and interact within the network.
The next factor on the list is Shiba Inu’s burning program whose ultimate goal is to reduce the huge circulating supply of the meme coin, making it scarcer and potentially more valuable in time (should demand stays the same or heads north).
According to CryptoPotato’s recent report, a staggering number of over 680 million SHIB tokens were destroyed in August. The total count of tokens sent to a non-existent address since the implementation of this mechanism now exceeds 410 trillion, which implies that there are currently 583.4 trillion SHIB coins in circulation.
As a crypto investor, I believe there are several factors that could potentially increase Shiba Inu’s value in the remainder of this year. These include a positive overall market recovery, increased support from key exchanges, and favorable global economic conditions.
Incoming Surge in the Short-Term?
One additional factor that might trigger SHIB‘s upward trend as soon as this month is the forthcoming FOMC meeting on September 18. This gathering could result in a reduction of interest rates by the US Federal Reserve for the first time in years. Lowering interest rates makes borrowing money cheaper and might stimulate investor appetite for risk-taking assets such as cryptocurrencies.
It appears that certain on-chain indicators are pointing towards promising times for SHIB investors. For instance, the Shiba Inu exchange netflow has predominantly been negative over the past week, suggesting a trend of moving away from centralized exchanges towards self-custody methods. This shift could be seen as a positive sign because it diminishes immediate selling pressure.
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2024-09-15 10:10