Shiba Inu (SHIB) Could Recover and Start 2024 on a Bullish Note, Says AI Algorithm
With geopolitical uncertainties on the rise, the cryptocurrency market, including Shiba Inu (SHIB), has experienced a downturn. However, artificial intelligence (AI) algorithms indicate that the meme dog digital asset might still make a recovery and begin the new year with a bullish trend.
CoinCodex, a crypto analytics platform that utilizes AI-driven price forecast algorithms, predicts that Shiba Inu will reach a price of $0.000007629 by January 1, 2024. This projection suggests an 11.03% increase compared to its current price as of October 10, 2023.
In addition to these predictions, data from market intelligence platform IntoTheBlock reveals a significant surge in large holders’ crypto wallets for the meme dog cryptocurrency. The number of SHIB tokens held by these wallets increased by over 1,500%, rising from 169 billion SHIB on October 7 to 2.98 trillion SHIB on October 8.
Potential Factors Influencing the Projected Price Increase
The AI-generated price forecast takes into account various factors that could contribute to Shiba Inu’s future performance. For example, Shytoshi Kusama, the lead developer of Shiba Inu, recently provided details regarding the careful approach to Shibarium validator integration and an increase in staking rewards. Additionally, Kusama hinted at the future acceleration of the SHIB burning mechanism.
Hot Take: Shiba Inu Poised for Recovery and Growth
If the AI algorithm’s predictions hold true, Shiba Inu (SHIB) could experience a positive turnaround in the coming months. With geopolitical uncertainties weighing on the cryptocurrency market, the projected price increase provides hope for SHIB holders. Furthermore, the surge in SHIB tokens held by large wallets indicates growing interest and confidence in the meme dog digital asset. As we approach 2024, all eyes will be on Shiba Inu to see if it can capitalize on these developments and regain bullish momentum.
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