Shiba Inu (SHIB), despite its popularity as a meme coin, has notably failed to surge during the late 2023 crypto market rally. Unlike many other cryptocurrencies, its price in January 2024 is lower than what it was in January 2023, during the prevailing "crypto winter."
Struggles Amid Market Trends
Shiba Inu has experienced a 6.98% decline in the last 52 weeks and a 3.99% decrease in the last 30 days. Despite this, it showed a slight recovery of 3.92% in the latest week, reaching $0.000009658 by press time. In terms of volume, SHIB ranks 62nd among cryptocurrencies, but its market cap stands at $5.69 billion, making it the 17th largest globally.
Community Strength Despite Challenges
Despite challenges, Shiba Inu maintains its status as a popular meme coin with a dedicated community. Seeking insights into its future, Finbold utilized Microsoft's Copilot AI technology.
Copilot's Three Faces Forecast
The AI, known for its three distinct tones—Creative, Balanced, and Precise—offered diverse predictions. The Precise Copilot, surprisingly, provided the broadest estimate, suggesting SHIB's price may range between $0.00001 and $0.00003 by the end of 2024.
Creative Copilot's Optimistic View
The Creative tone offered a more detailed analysis, predicting SHIB's price to be between $0.00001060 and $0.00001074 by the year's end, indicating a potential 6.3% to 7.7% upside from the current price.
Balanced Copilot's Cautious Outlook
In contrast, the Balanced variant was more bearish, forecasting SHIB to be between $0.000005 and $0.00005. It suggested a 50% downside but acknowledged the possibility of a fivefold increase. The reasoning included factors like the launch of new NFTs and Web3 games but also highlighted competition from cryptocurrencies like Ethereum, Dogecoin, and Solana.
Varied Perspectives on SHIB's Future
While Copilot's predictions differed, the overall sentiment is a mix of caution and optimism. Investors are advised to conduct thorough research and analysis before making any decisions.
XingChi
