“While it's technically possible, a few stars would need to align to see such a massive leap before the end of 2024,” the chatbot speculated.
Shiba Inu has been stealing the spotlight lately, with its price skyrocketing by a whopping 35% in just the past week. Its market cap has now surged beyond $11.5 billion, making it the 14th largest cryptocurrency out there, yet still playing second fiddle to Dogecoin in the meme coin arena.
Curious minds wanted to know—could this rally last, and might Shiba Inu erase a zero from its valuation before the ball drops on New Year's Eve? We turned to ChatGPT for some answers.
The AI-powered oracle didn't rule out the possibility, but it laid out a few conditions. A major bull run would require a cocktail of positive market vibes, widespread Shibarium adoption, and a ramped-up SHIB burn rate.
Speaking of Shibarium, this layer-2 scaling solution has been the talk of the town. It recently hit a milestone of processing over 7 million blocks, with total transactions nearing 420 million and wallet addresses creeping up to 2 million. Launched last August, Shibarium aims to supercharge the Shiba Inu ecosystem by boosting scalability, speeding up transactions, and slashing costs.
And let's not forget about SHIB's burning mechanism. On September 27, the burn rate exploded by almost 34,000%, sending over 1.8 billion tokens to a null address. This ongoing effort to reduce the coin's massive circulating supply could potentially set the stage for a price hike, provided demand doesn't falter.
But let's keep it real—scratching off a zero from SHIB's value would require its market cap to balloon to a staggering $115 billion. For context, only Bitcoin, Ethereum, and Tether currently boast caps higher than that.
The recent price surge has been a boon for SHIB investors. Data reveals that 55% of them are now sitting on some sweet paper profits, while 43% are still waiting for their ship to come in. Just last September, things looked grim with nearly 90% of holders in the red after a severe price correction.
Yet, the Shiba Inu community remains a loyal and solid bunch. Around 80% of SHIB holders have been on board for over a year, 19% joined in the past 12 months, and a mere 2% hopped on in the last 30 days.
So, could Shiba Inu erase a zero and skyrocket by the end of 2024? It's not out of the realm of possibility, but it would certainly require a perfect storm of favorable conditions. Stay tuned, folks—this ride could get interesting!
