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AI chatbot forecasts Shiba Inu's new ATH in 2024: what you need to know
Shiba Inu (SHIB) is a cryptocurrency that was created as a joke and a parody of Dogecoin (DOGE), another meme-based coin that features a Shiba Inu dog as its logo. However, SHIB gained a lot of popularity and attention in 2021, especially after it was endorsed by Tesla CEO Elon Musk and listed on major exchanges like Coinbase and Binance. SHIB reached its all-time high (ATH) of $0.00008845 per coin on October 28, 2021.
Many SHIB holders and fans are wondering if the coin can touch a new ATH in 2024, or even reach the elusive price target of $0.001. However, this is not an easy question to answer, as many factors can affect the price of SHIB, such as supply and demand, market sentiment, innovation, competition, regulation, and so on.
Supply and demand: SHIB has a total supply of 1 quadrillion tokens, out of which 50% was sent to Ethereum co-founder Vitalik Buterin, who later burned 90% of his holdings and donated the rest to charity. This reduced the circulating supply of SHIB and increased its scarcity and value.
Market sentiment: SHIB's price is largely driven by the hype and enthusiasm of its community, which calls itself the SHIB Army. The SHIB Army is very active on social media platforms, such as Twitter, Reddit, and Telegram, where they promote and support the coin. SHIB also benefits from the attention and endorsement of celebrities and influencers, such as Elon Musk, who often tweets about the coin.
Innovation: SHIB's developers are working on various projects and initiatives to enhance the utility and functionality of the coin. For example, SHIB has its decentralized exchange (DEX) called ShibaSwap, where users can swap, stake, and farm SHIB and other tokens. SHIB also has its non-fungible token (NFT) collection called Shiboshis, which are 10,000 unique and randomly generated digital artworks that can be bought and sold with SHIB. SHIB also plans to launch its blockchain called Shiba Inu Layer 2 (SHIBA L2), which will enable faster and cheaper transactions. These innovations could increase the adoption and demand of SHIB and boost its price.
Regulation: SHIB's price could also be affected by the regulatory environment and policies of different countries and jurisdictions. Some countries, such as China, India, and Turkey, have banned or restricted the use of cryptocurrencies, which could limit the access and growth of SHIB in those markets. On the other hand, some countries, such as the US, Canada, and Japan, have adopted a more favorable and supportive stance towards cryptocurrencies, which could encourage the development and innovation of SHIB in those markets.