Shiba Inu (SHIB) is the second-largest memecoin in the cryptocurrency market, losing only to Dogecoin (DOGE) in popularity and capitalization. In this context, Finbold turned to Grok’s artificial intelligence (AI) to get price insights for the end of 2024.
The dog-themed ERC-20 token has a gigantic circulating supply of nearly 590 trillion SHIB, which creates an illusion of discount for its unitary price. Notably, one SHIB is currently worth $0.000008752. Still, Shiba Inu is among the 17 most valuable cryptocurrencies, with over $5.15 billion in market cap.
In particular, this price represents a 27% loss from what the token was traded one year ago, according to CoinMarketCap. Investors’ activity grew in October 2023 in expectations for the Shibarium layer-2 blockchain for Web3.
However, it was retraced after launch, as the network’s native token is BONE, meaning there is no fundamental demand for the former in this specific use case.
Grok AI forecasts SHIB’s price for the end of 2024
In the meantime, Grok is an AI developed by xAI, a subsidiary of X (formerly Twitter), idealized by Elon Musk. Grok thrives among other machine-learning models due to its direct access to X’s posts.
The tool has grown in popularity among cryptocurrency investors. According to Grok, SHIB’s most likely price range varies from $0.000012 to $0.000020 for the end of 2024.
Additionally, Grok’s bullish and bearish forecast for Shiba Inu is $0.000030 and $0.000006, respectively. Reaching the highest prediction would mean a 275% increase from the current price, while a 25% loss down to the lowest.
This perception shows that Shiba Inu can maintain a passionate community despite the uncertain demand and use cases. Interestingly, SHIB’s popularity among speculators keeps a high trading volume and liquidity for the token in multiple ecosystems.
In conclusion, investors must remain cautious and constantly measure SHIB’s social acceptance and trading metrics. This is a highly volatile digital asset, which can experience sudden sentiment and price shifts.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/grok-ai-predicts-shib-price-for-the-end-of-2024/