Cryptocurrency traders and investors have used artificial intelligence (AI) to check price predictions for their favorite tokens. But can Bard, the AI chatbot developed by Google, predict the price of Shiba Inu (SHIB)?
Both ChatGPT and Bard have been consulted to obtain price predictions for various cryptocurrencies, including Bitcoin (BTC), with results that users may or may not like.
On this occasion, the AI chatbot developed by Google was asked if the price of Shiba Inu (SHIB) could reach the mythical mark of $1.
Shiba Inu at $1: Is it Possible?
Two years ago, the market was rocked by the release of the Shiba Inu. The meme coin dubbed the “Dogecoin Killer ” experienced a meteoric rise of 1,500% days after its debut.
This excessive increase led the crypto community to speculate on the different scenarios so that the SHIB price could reach the $1 mark, but could it be possible?
According to Bard, this is a highly unlikely scenario at this point. The chatbot points out that for this milestone to come true, its market capitalization would need to be above $589 trillion.
“This is more than the combined market capitalization of all the world’s stocks and bonds.”
However, Bard’s projection goes much further. The chatbot highlights a few items that could catapult the SHIB price all the way to the $1 mark:
“One possibility is that cryptocurrency will be widely adopted as a means of payment. This would increase the demand for SHIB and raise its price.
Another possibility is that SHIB’s supply will be reduced. This could happen if the Shiba Inu developers burn a large number of tokens.”
Despite these observations, Bard emphasizes how difficult it will be for SHIB to reach this milestone. As Shiba Inu is a meme coin, it faces greater price volatility.
Other elements pointed out by the chatbot that will make it impossible for SHIB to reach the price of $1 is its total supply of one billion tokens. Also, it highlights its little use, and, in turn, the meme coins represent a very risky investment.
SHIB Price Prediction for the End of 2023
Bard was also asked for its Shiba Inu (SHIB) price predictions for the end of 2023. In this sense, the AI chatbot pointed out that it is impossible to answer with any certainty.
However, Bard emphasizes “current market conditions and historical price trends.” In its response, the chatbot developed by Google cites CoinCodex, and according to its analysis, the price of Shiba Inu could reach $0.000011 by the end of 2023.
This would represent an increase of 60% from its current prices.
But, as with the previous question about whether the price of the Shiba Inu will hit the $1 mark in the future, several factors could catapult or slow down the price of the meme cryptocurrency.
Among them are the evolution of the crypto market, the general adoption of SHIB, and the development of new functionalities and applications for the ecosystem.
Price Evolution
The meme cryptocurrency has been one of the hardest hit during the ongoing bear market. After its launch and meteoric takeoff, the price of the Shiba Inu has lost traction.
At press time, the SHIB price is trading at $0.00000869, seeing a slight drop of 1.14% over the past 24 hours, according to data from BeInCrypto.
The token is up by nearly 7% from the beginning of the year. At the same time, it is down over 90% from the all-time highs.
Shiba Inu currently has a market capitalization of $5.1 billion, standing at the 16th position in the global ranking of cryptocurrencies.
Got something to say about Shiba Inu, Bard, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
