Can SHIB hit $0.000050 in 2024?

By Crypto Gloom On Jan 24, 2024

The cryptocurrency market has been volatile for several weeks, with most coins and tokens recording significant losses.

Against this background, we tasked our AI model ChatGPT with predicting whether Shiba Inu (SHIB) could return to the $0.000050 level this year.

We also asked ChatGPT which other meme coins could be primed for a price surge. The model highlighted one new pre-sale token that it believes could be ready for a bull market.

As prices continue to fall, faith in SHIB is wavering.

SHIB is hovering around $0.0000089 at the time of this writing, down 25% since December 17th.

After a downward trend in the final months of 2023, the meme coin has retreated significantly from local highs of around $0.0000119.

However, SHIB appears to have found support around $0.0000086, with the price reversing aggressively three times in the past three weeks.

This could set the stage for SHIB’s next major move if buying momentum returns.

Looking at the technical indicators on the daily chart, we can see that Mim Coin is facing strong resistance at the 50-day exponential moving average (EMA).

If SHIB can break this dynamic resistance level, which is currently around $0.0000095, it could head back to the December highs.

However, daily SHIB trading volume has declined over the past 24 hours, suggesting investors are losing faith in the token’s prospects.

Nonetheless, SHIB still has a very dedicated community supporting it, which means there’s always room for a sharp rebound.

ChatGPT presents conservative outlook for Shiba Inu in 2024

When asked about Shiba Inu’s prospects for 2024, ChatGPT offered a measured view of the meme coin’s prospects.

Given the current price of SHIB around $0.0000089 and the downward trend since mid-December, ChatGPT believes that a rise to $0.000050 by the end of the year is very optimistic.

However, the AI model points to the launch of the Shibarium layer-2 network last September as a continued positive development that could support incremental growth.

According to ChatGPT, a more reasonable price target for SHIB in 2024 would be in the $0.000012 to $0.000020 range.

The model is based on a conservative outlook for typical meme coin volatility and the lack of an immediate major catalyst that could trigger a breakout.

If the dedicated SHIB community can band together for a viral marketing campaign, or Shibarium’s adoption increases significantly, ChatGPT admits that hitting $0.000050 cannot be ruled out.

What other Meme coins is ChatGPT optimistic about in 2024?

While ChatGPT appears cautious about Shiba Inu’s meteoric rise, its AI model sees potential in other corners of the 2024 meme coin space.

In particular, ChatGPT flagged an emerging token called Sponge V2 (SPONGEV2) as a hidden play that could be ready to break out.

ChatGPT predicts a 5x profit for Sponge V2 due to its gaming and staking utility.

Sponge V2, an upcoming meme coin, is the next-generation version of the Sponge (SPONGE) token, which has seen tremendous growth since its launch last May.

Sponge V2’s main value proposition is its integration into the Play-to-Earn (P2E) gaming ecosystem and high staking rewards.

Moreover, the token benefits from the already established Sponge community. 28,000+ Twitter users.

According to ChatGPT, these factors will make SPONGEV2 an interesting speculative bet within the meme coin space in 2024.

In particular, SPONGEV2’s AI model could see significant price increases when listed on exchanges such as Uniswap.

ChatGPT cited the development team’s ambitious goal of a market capitalization of $100 million and the $6 million already invested in the “Stake-to-Bridge” mechanism as reasons for its optimistic outlook.

If the Sponge V2 team can deliver on its roadmap and gain traction among the retail cryptocurrency crowd, ChatGPT believes the token price could reach $0.003-$0.005 this year.