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] saw numerous notable developments in the year 2023. Nonetheless, despite all of the changes, one might argue that Shiba Inu has yet to reach its projected trajectory.
The popular meme coin entered 2023 with an entry price of around $0.000008. However, things quickly became interesting as the meme coin’s price rose dramatically as a result of positive market trends in the first few months of this year.
The price increase boosted investor’s trust in the coin.
Even though the investors were elated by the price hike, several SHIB fans were disappointed as the much-anticipated Shibarium failed to materialize.
The L2 was scheduled to be released months ago, but nothing was announced until the year’s third quarter.
The Shibarium Saga
The introduction of Shibarium in 2023 was the biggest event for the Shiba Inu ecosystem. It was finally launched on the 16th of August 2023, following much anticipation and speculation.
Since then, it has become one of the hottest topics in the cryptocurrency world.
However, the launch failed to go as planned since the price of SHIB did not move in line with the expectations. SHIB was trading at almost $0.000011 before the launch but two days after its introduction, the token’s price plunged to $0.000009.
The difficulties did not end there, as the L2 encountered server troubles a few days after launch, forcing them to run the L2 in private mode for quite some time.
This was mostly due to the Shiba Inu team’s inability to handle the massive quantity of traffic that entered the Shibarium ecosystem following the launch.
The L2 later gained momentum as it passed several milestones, even though the initial launch failed to succeed as expected. At the time of the Mainnet launch, there were 26,691 accounts on the network.
By December, the L2’s stats had improved and it is still growing.
According to data from Shibariumscan.io, Shibarium has completed over 134 million transactions and reached 1.3 million total wallets, and over 2.1 million total blocks, with an average block time of five seconds per time.
These are impressive figures that show Shibarium gaining momentum.
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.
Shiba Inu’s origins and 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.
Now let’s see what an AI bot like ChatGPT thinks about SHIB.
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 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.
How much are 1,10,100 SHIBs worth today?
A look at SHIB’s daily price chart
Source: SHIB/USD, TradingView
Even though SHIB saw a steep drop at the start of this month, the meme coin rose by almost 3% over the past week alone. The Relative Strength Index resumed its upward trend as it departed the oversold area, indicating growing bullish momentum.
With a notable divergence, the Bollinger Bands showed higher market volatility as the prices progressed alongside the median band
Conclusion
Shibarium is one of several potential developments for SHIB in 2024 that we need to be aware of. The L2 has already seen exceptional growth, and the coming year may witness an even greater spike in its adoption and usage.
This might boost the meme coin’s value.
It will also be interesting to see whether SHIB’s high burn rate has any effect on the token’s price. Not to add that many people anticipate a bull market in 2024. If this proves to be accurate, SHIB might reach new highs.
ChatGPT speculates that SHIB will gather pace shortly, perhaps leading to price increases.
However, while ChatGPT could serve as a valuable indicator for price patterns, it is critical to conduct your research and make judgments based on conclusive facts and market trends.
Source: https://ambcrypto.com/chatgpt-shib-price-prediction-jan-14/