Despite being a popular meme coin, Shiba Inu (SHIB) is one of the few notable cryptocurrencies that have failed to surge in the late 2023 crypto market rally.
In fact, unlike many other coins and tokens, its price in January 2024 is below what it was in January 2023 – a time when the “crypto winter” still dominated the market.
In total, Shiba Inu has declined 6.98% in the last 52 weeks and is 3.99% in the red in the last 30 days. The latest week, however, did see it regain some ground as it rose 3.92% up to $0.000009658 by press time.
In terms of volume, SHIB is ranked 62nd among cryptocurrencies, though its market cap – standing at $5.69 billion – is the 17th biggest in the world.
Despite the many trials and tribulations, Shiba Inu remains a popular and notable meme coin and boasts a strong and dedicated community.
With all of this in mind, Finbold decided to leverage the artificial intelligence (AI) technology of Microsoft’s (NASDAQ: MSFT) Copilot and try to figure out where the dog-themed cryptocurrency may find itself at the tail-end of 2024.
Copilot’s three faces forecast SHIB’s future price
Given that Copilot has three distinct tones it can use in conversation, Finbold – in the best tradition of ancient Greek Fates – gave each of them the eye to look upon SHIB’s future for a time.
While the forecasts differed between the tones – Creative, Balanced, and Precise – sometimes significantly, none of them estimated that the meme coin’s weave would be cut in 2024.
Perhaps surprisingly, the Precise Copilot proved the least precise in the price range it forecast for SHIB at the end of 2024. The AI stated that the token is likely to find itself somewhere between $0.00001 and $0.00003 by the end of 2024 – a very wide range given the current price of $0.000009658
It also failed to provide detailed reasoning for its forecast, simply stating that “the extreme volatility of cryptocurrencies and the specific dynamics of SHIB” make forecasts difficult to provide but insisted that the estimate is based on “current price, past performance, and potential market factors.”
The Creative “tone” of Copilot offered a significantly more detailed analysis and proved slightly bullish on the meme coin. It began its analysis by providing a rough forecast for SHIB’s price in each individual month of 2024.
It ultimately concluded that Shiba Inu is likely to find itself somewhere between $0.00001060 and $0.00001074 at the end of the year – meaning it forecasts an upside in the range of 6.3% to 7.7% from the current price.
In stark contrast to its analysis of Bitcoin (BTC), Copilot failed to offer a detailed breakdown of its reasoning behind the estimated future price and simply delivered a list of broad factors that may have an impact before concluding with a word of advice: do your own research and analysis before making any investment decisions.
The Balanced variant of Copilot was also the most bearish on SHIB. According to its forecast, the meme coin is likely to find itself somewhere between $0.000005 and $0.00005.
Thus, while the AI concluded that a 50% downside is the more realistic estimate, it also acknowledged that there is a chance the meme coin will quintuple in value.
Unlike its two counterparts, however, the Balanced Copilot was significantly more generous when it came to justifying its forecast.
It laid out a wide array of factors that may cause both upward and downward pressure, including the launch of new non-fungible tokens (NFTs) and Web3 games, but also concluded that competing cryptocurrencies with superior features – specifically mentioning Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL) – will ultimately stifle its price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here
