Shiba Inu (SHIB) continues to be influenced by both positive and negative market sentiments, leading to a debate among investors. Some believe that the asset has hit its lowest point and anticipates an upward trend, while others are concerned about potential further declines. Interestingly, Microsoft’s Bing AI chatbot has weighed in on the matter, offering its opinion based on information gathered from various online sources.
According to Bing, multiple sources on the internet have provided various projections for the future price of SHIB. These projections exhibit a range of optimism levels, with some sources being more positive than others. However, Bing highlighted that the average price for Shiba Inu in June is estimated at $0.000011.
The AI chatbot emphasized that price prediction is determined by considering several factors that have the potential to impact the fluctuations of Shiba Inu. These factors encompass the general sentiment prevailing in the cryptocurrency market, the progress and growth of the Shiba Inu ecosystem, as well as the rate at which SHIB tokens are being burned or removed from circulation.
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Overall Market Sentiment
Bing indicates that the price movements of Shiba Inu will be significantly influenced by the direction of the broader cryptocurrency market, which is driven by the sentiments of investors. “If the overall market sentiment is positive and there is a high demand, Shiba Inu’s price may rise as more investors buy and hold the token,” it said.
Furthermore, the chatbot highlighted that increased demand for Shiba Inu could have a ripple effect, leading to greater token adoption. This increased adoption would surge network activity and enhance Shiba Inu’s market dominance. Consequently, these factors could contribute to a rise in price action and the token’s overall popularity.
Development of the Shiba Inu Ecosystem
The Shiba Inu community continues promoting various projects and initiatives to improve the ecosystem. Notable examples include Shibarium, a layer-2 network, and SHIB: The Metaverse. Bing acknowledged that the trajectory and advancements of these projects and updates on their progress would impact the price of Shiba Inu.
Positive updates regarding the development of these projects have the potential to generate optimistic sentiments among investors. These updates effectively communicate to supporters that the projects are progressing favorably.
According to a previous report by Fxcryptonews, members of the SHIB team recently disclosed that the development of Shibarium is progressing according to schedule. Lucie, a marketing team member, provided a projected launch timeframe of the third quarter to the fourth quarter based on information provided by the development team.
Furthermore, in addition to generating bullish sentiments, projects like Shibarium and the Metaverse can potentially introduce additional utility to the Shiba Inu ecosystem. This increased utility can contribute to a surge in demand for the token, further enhancing its value.
Related also: Shiba Inu Burns Continues as Coinbase Burns 200M SHIB
Shiba Inu’s Supply
Bing highlighted the significance of Shiba Inu’s circulating supply, which is presently at 574.8 trillion tokens. The chatbot mentioned that if the supply of SHIB undergoes a significant reduction due to an accelerated burn rate, it can generate bullish sentiments and support the token’s price movement.
Currently, Shiba Inu is being traded at a price of $0.00000853, showing a decrease of 2.3% within the last 24 hours. According to Fxcryptonews’s earlier report, SHIB has experienced a 15% decline this month, resulting in more than 1 million holders experiencing losses.
Although a price increase to $0.000011 could potentially reverse the situation for certain investors, it is important to note that this should not be interpreted as investment advice.