As geopolitical uncertainties escalate, much of the cryptocurrency market has responded by turning red, including Shiba Inu (SHIB), but artificial intelligence (AI) algorithms suggest the meme dog digital asset might still recover and start the next year on a bullish note.
Indeed, the AI-driven price forecast algorithms used by the crypto analytics platform CoinCodex predict that Shiba Inu will trade at the price of $0.000007629 by January 1, 2024, which suggests an increase of 11.03% compared to its current price as of October 10, 2023.
SHIB price analysis
As things currently stand, SHIB was at press time changing hands at the price of $0.0000068712, which represents a loss of 0.63% in the last 24 hours, in addition to being down 5.59% across the previous seven days, adding up to the drop of 7.11% in the past month, as the latest charts show.
Meanwhile, the meme dog cryptocurrency has recorded a massive influx to large holders’ crypto wallets – increasing by over 1,500% from 169 billion SHIB on October 7 to 2.98 trillion SHIB on October 8, as data from market intelligence platform IntoTheBlock suggests.
At the same time, the price increase predicted by AI could factor in updates like Shiba Inu’s lead developer, Shytoshi Kusama, detailing the careful approach to Shibarium validator integration and increase in staking rewards, as well as hinting at the future acceleration of the SHIB burning mechanism.
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