ChatGPT Speculates Whether Shiba Inu (SHIB) May Experience Bull Run Before End of 2024

TL;DR

ChatGPT stated that the price of SHIB could increase in the fourth quarter, assuming certain factors such as increased token burning. Expected interest rate cuts and reduced forex selling pressure may also contribute to a potential rise in the meme currency. Has SHIB not yet revealed its potential?

The second largest meme coin in terms of market cap witnessed a major rally in the first quarter of 2024 when its price rose to $0.00003629. Since then, however, it has been on a downward trend, currently trading around $0.00001364 (down 62% from the yearly peak).

SHIB Price, Source: CoinGecko

The SHIB community might be looking forward to another resurgence in the near future, so we decided to ask ChatGPT if such a development is on the cards before the end of 2024.

The AI-powered chatbot said it’s difficult to predict this scenario with certainty, and outlined several important factors that could play a role, the first of which is Shibarium’s breakthrough.

The Layer 2 Scaling Solution is specifically designed to provide a scalable, low-cost and efficient infrastructure that could foster the development of the Shiba Inu ecosystem. The protocol has undergone some major upgrades over the past few months and some industry participants believe that its further progress may benefit the SHIB price.

“If Shibarium gains traction and sees greater adoption, it could increase demand for SHIB, as users would need the token for transaction fees and interacting with the network,” ChatGPT said.

The next factor on the list is the Shiba Inu burn program whose ultimate goal is to reduce the huge circulating supply of meme currency, making it scarcer and potentially more valuable over time (if demand holds up same or heading north).

As reported by CryptoPotato, more than 680 million SHIB tokens were burned in August. The total number of coins sent to a null address since the launch of the mechanism exceeds 410 trillion, which means that there are currently 583.4 trillion in circulation.

Positive investor sentiment, broader market recovery, additional support from major stock exchanges and global macroeconomic conditions are other elements that may boost SHIB’s valuation in the remaining months of the year.

Incoming increase in the short term?

Another possible factor suggesting the SHIB uptrend could happen as soon as this month is the upcoming FOMC meeting (scheduled for September 18) after which the US Federal Reserve is expected to cut rates of interest for the first time in years. The move makes it cheaper to borrow money and could increase investor interest in risky assets like cryptocurrencies.

Some chain metrics also hint at good days ahead for SHIB bulls. The net exchange flow of Shiba Inu, for example, has been mostly negative in the last week, indicating a shift from centralized platforms to self-hosting methods. This could be interpreted as a bullish sign as it reduces immediate selling pressure.

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