The second largest meme cryptocurrency, Shiba Inu (SHIB), has been facing challenges in recent weeks, with a significant drop in price and ranking. SHIB has slipped to the 15th position amidst a major setback, causing concern among investors and the community. Despite this, there remains optimism about the asset’s potential to surpass 1 cent.
At the time of writing, Shiba Inu was trading at $0.00002095, reflecting a 4.17% decrease over the past 24 hours. The meme coin has experienced a tough journey in January, with a nearly 14% decline in the last seven days. SHIB reached an all-time high of $0.00008845 in 2021, but is currently trading 76% below this level. To reach 5 cents, the asset would need to increase by 238,563%, a significant challenge but not impossible considering SHIB has surged by 1558042.90% since its all-time low.
Prominent artificial intelligence chatbot ChatGPT has laid out a timeline for SHIB’s journey towards 5 cents, predicting that the asset will eventually reach this milestone. However, the key question remains when this will happen, with several factors such as market adoption, ecosystem growth, token burns, and overall market conditions playing a crucial role.
According to ChatGPT, data from Telegaon suggests that SHIB could take 17 years to reach 5 cents by the year 2040. Changelly’s predictions are even more conservative, estimating that it could take more than 25 years for SHIB to hit this mark. On the other hand, the InvestingHaven Forecast is more optimistic, suggesting that Shiba Inu could reach 5 cents in the next five years, by 2030.
In addition, the AI tool highlighted the need for a higher market cap, a possible reduction in token burns, and a slowdown in adoptions and utility, which could pose challenges for Shiba Inu in achieving this milestone. Despite the uncertainties and challenges ahead, the community and investors are closely watching SHIB’s journey towards 5 cents, eagerly anticipating its potential growth in the coming years.