The ERC-20 token Shiba Inu (SHIB) remains one of the most popular cryptocurrencies in the market among retail investors due to its potential for high growth potential.
As the cryptocurrency market continues to grow in popularity, investors are looking for ways to predict the potential price of assets such as SHIB. One method which has been used, among others, is AI, which models rely on various data sources, including historical prices, trading volumes, market capitalization, social media sentiment, and news articles.
AI models use machine learning algorithms to analyze large datasets and identify patterns that can help predict future trends. Finbold has gathered projections made by CoinCodex’s machine self-learning technology, to estimate the SHIB price for the end of 2023.
According to data retrieved on February 24, Shiba Inu is predicted to trade at $0.000008451 on December 31, 2023.
Notably, the prediction represents a -34% decrease from the $0.000013 the meme token was trading at the time of publication. However, it is important to note that these predictions are subject to change based on market conditions and other unforeseen events.
Shiba Inu price analysis
By press time, SHIB was trading at $0.00001303, recording daily losses of about 1.12%. On the weekly chart, Shiba Inu is down almost 1%.
Elsewhere, the one-day gauges on TradingView for SHIB are mixed. The summary is for ‘neutral’ at 9, which results from oscillators pointing at ‘neutral’ at 8 while moving averages are for ‘buy’ at 9.
SHIB growth factors
One potential factor that could impact the price of SHIB in the future is the overall adoption of cryptocurrencies. As more people become interested in crypto and begin to invest, the demand for SHIB could increase, leading to higher prices.
Moreover, any major developments or partnerships involving SHIB could also drive up its value. For instance, the Shiba Iny community is looking forward to the roll of the layer-2 scaling solution dubbed Shibarium. Although no release date has been confirmed, Shibarium is among the most anticipated events due to the improvements it will bring to the network.
The upgrade is expected to benefit the ecosystem by making transactions quicker and cheaper. Moreover, it will function alongside Ethereum (ETH) to execute transactions on the Shibarium ecosystem, reducing the overall load.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
