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Here is the Google Bard AI’s Price Prediction for Shiba Inu which reaches US$1 in price prediction
Artificial intelligence (AI) has been utilized by cryptocurrency traders and investors to evaluate price predictions for their favorite coins. But, can Google's AI chatbot, Bard, anticipate the price of Shiba Inu (SHIB)?
Users may or may not be pleased with the price forecasts obtained for other cryptocurrencies, including Bitcoin (BTC), using ChatGPT and Bard. In this particular instance, the Google AI chatbot was questioned about whether the price of Shiba Inu (SHIB) will ever reach the fabled $1 threshold.
Shiba Inu at US$1: Is it Possible?
The introduction of the Shiba Inu two years ago shook the market. Days after its launch, the meme currency known as the "Dogecoin Killer" shot up by 1,500%.
The crypto community speculated on many possibilities such as that the SHIB price may surpass the US$1 threshold in response to this disproportionate surge, but was this even plausible?
Bard thinks that at this juncture, this is a very improbable prospect. The chatbot notes that for this milestone to be reached, the market value of the cryptocurrency would need to be greater than US$589 trillion.
Bard's prediction, though, goes considerably farther. The chatbot draws attention to a few factors that might push the SHIB price as high as US$1:
"One potential is that people may start using cryptocurrencies often as payment methods. SHIB's price would rise as a result of increased demand.
Another possibility is a decrease in the availability of SHIB. If the Shiba Inu devs burn a significant quantity of tokens, this may occur.
Bard emphasizes how challenging it will be for SHIB to attain this milestone despite these insights. Shiba Inu has higher price fluctuation because it is a meme currency.
The chatbot also mentioned SHIB's one billion token supply as another factor that will prevent it from reaching the price of one dollar. It also emphasizes how little utility it has, which makes the meme coins a highly dangerous investment.
SHIB Price Prediction for the End of 2023
Additionally, Bard was requested to forecast Shiba Inu (SHIB) prices through the end of 2023. In this regard, the AI chatbot emphasized that it is difficult to provide a definitive response.
Bard, however, places a focus on "current market conditions and historical price trends." Shiba Inu's price may reach $0.000011 by the end of 2023, according to an estimate by CoinCodex cited by the Google chatbot in its response.
This would imply a 60% price increase above what it is currently.
But just like with the earlier query regarding when the Shiba Inu's price would reach the $1 threshold, several variables might either accelerate or decelerate the price of the meme cryptocurrency.
The creation of new capabilities and applications for the ecosystem, as well as the progress of the cryptocurrency market, are a few of them.
Price Evolution
During the current bear market, the meme cryptocurrency has been one of the hardest impacted. After its debut and swift ascent, the Shiba Inu's price has lost momentum.
According to information from BeInCrypto, the SHIB price is currently trading at US$0.00000879, having decreased somewhat over the previous 24 hours by 1.14%. Since the beginning of the year, the token has increased by over 7%. At the same time, it has fallen by more than 90% from its peak.
In the current global ranking of cryptocurrencies, Shiba Inu is ranked 16th with a market valuation of US$6.1 billion. Have a comment about the Shiba Inu, Bard, or anything else? Message us or participate in the conversation on our Telegram channel. Additionally, you may find us on Facebook, Twitter, and TikTok.