What will be the price of Shiba Inu by the end of 2023 according to AI?

Due to its growth potential, the ERC-20 token Shiba Inu (SHIB) continues to be one of the most widely used cryptocurrencies on the marketplace among retail investors. Investors are searching for methods to forecast the prospective price of assets like SHIB as the cryptocurrency sector continues to gain prominence. Among other approaches, AI is one that has been employed. AI models draw on a variety of data sources, such as historical prices, equity markets, market capitalization, sentiment on social media, and news items.

What is Shiba Inu?

Shiba Inu (SHIB) is a rival of the meme-coin Shiba Inu built on Ethereum and has the Shiba Inu – a Japanese hunting dog breed – as its mascot. Community members address the crypto asset as “The Doge Killer” considering their belief in its potential to overtake its rival.

The highest number of SHIB is 589,735,030,408,323, and more than 549,000,000,000,000 had been extracted as of mid-2022. This indicates that less than 7% of SHIB is still available for mining.

On October 29, 2021, Shiba Inu’s price increased by more than ten times, providing the company a $41 billion market capitalization. Shiba Inu is directly behind Dogecoin in the top ten meme cryptocurrencies despite a sharp decline in market cap to $6 billion in May, 2022.

Growth factors of SHIB

At the time of publication, SHIB was down 1.12% on a daily basis and trading at $0.00001303. Shiba Inu dropped almost 1% on the weekly chart. The general acceptance of cryptocurrencies is one potential reason that might have an impact on the price of SHIB in the future. The need for SHIB may rise as more people show interest in cryptocurrencies and start making investments, pushing the prices higher.

Also, any significant agreements or developments involving SHIB may significantly increase its worth. For instance, the layer-2 scaling protocol dubbed Shibarium is anticipated by the Shiba Inu community this year. Shibarium is one of the most eagerly awaited, despite there being no fixed release date due to some technicalities. The ecosystem is anticipated to gain from the change by having faster and less expensive transactions. Also, it will work with Ethereum (ETH) to make payments on the Shibarium environment, which will lighten the overall load.

Is Shiba Inu risky?

Shiba Inu can be an extremely speculative and risky venture. Because of the high volatility of cryptocurrencies, SHIB may be at risk for a substantial decline given its recent gains. Shiba Inu also has little practical use, and its worth is primarily determined by a speculative frenzy fueled by social media.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing