{"id":10088,"date":"2024-09-28T07:02:38","date_gmt":"2024-09-28T07:02:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10088"},"modified":"2024-09-28T07:02:38","modified_gmt":"2024-09-28T07:02:38","slug":"can-shiba-inu-shib-erase-a-0-from-its-price-before-the-end-of-2024-chatgpt-analyzes","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10088","title":{"rendered":"Can Shiba Inu (SHIB) Erase a 0 From its Price Before the End of 2024? (ChatGPT Analyzes)"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Shiba Inu\u2019s price rose substantially recently, but a major rally will depend on favorable market conditions and increased SHIB burning.
\n55% of SHIB holders are now in profit, showing a positive shift.<\/p>\n

<\/a><\/span><\/h2>\n

How Realistic Is Such a Scenario?<\/h2>\n

Shiba Inu has been making the headlines lately, with its price soaring by 35% in the past week. Its market capitalization jumped above $11.5 billion, thus becoming the 14th-biggest cryptocurrency but still the second-largest meme coin (trailing behind Dogecoin).<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

We <\/span>decided to ask<\/span> ChatGPT whether that rally is sustainable and if the meme coin could erase a zero from its valuation before New Year\u2019s Eve.<\/span><\/p>\n

The popular AI-powered chatbot did not rule out that possibility. However, it claimed that a major bull run <\/span>would<\/span> depend on numerous factors, such as favorable market sentiment, Shibarium adoption and utility, and an increase in the SHIB burn rate.<\/span><\/p>\n

The layer-2 scaling solution \u2013 Shibarium \u2013 took center stage recently when the total blocks processed on the network <\/span>exceeded<\/span><\/a> 7 million. In addition, the number of total transactions is just south of 420 million, whereas wallet addresses are inching toward 2 million.<\/span><\/p>\n

The protocol officially went live last August. It <\/span>is primarily designed<\/span> to foster the development of the Shiba Inu ecosystem by enhancing scalability, improving speed, and lowering transaction costs. For more updates on the ecosystem,\u00a0<\/span>make sure to<\/span> check out our\u00a0<\/span>Shibarium news<\/span><\/a>.<\/span><\/p>\n

SHIB\u2019s burning mechanism has also been on the rise. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a> on September 27, the burn rate skyrocketed by almost 34,000%, resulting in more than 1.8 billion tokens sent to a null address.<\/span><\/p>\n

Continuous efforts in that field will reduce the <\/span>huge<\/span> circulating supply of the meme coin, potentially triggering a price increase (if combined with a non-declining demand).<\/span><\/p>\n

It is worth mentioning that erasing a zero from SHIB\u2019s value would require its market cap to pump to a whopping $115 billion. As of the moment, Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) are the only three cryptocurrencies whose capitalization is higher than that.<\/span><\/p>\n

SHIB Holders Are Slowly Escaping the Red Zone<\/span><\/h2>\n

Unsurprisingly, the <\/span>latest price spike of the meme coin<\/span> has benefited its investors.<\/span> IntoTheBlock data <\/span>shows<\/span><\/a> that 55% of those exposed to the asset are currently sitting on some paper profits, while 43% remain underwater.\u00a0<\/span><\/p>\n

The situation <\/span>looked<\/span><\/a> much worse in September 2023, when SHIB\u2019s price experienced a severe correction. At that time, almost 90% of the asset\u2019s holders were in the red.<\/span><\/p>\n

The popular meme coin has a solid community base consisting of long-term investors and proponents. According to the platform, almost 80% of the SHIB holders jumped on the bandwagon more than a year ago. 19% did so in the past 12 months and only 2% joined the ecosystem in the last 30 days.<\/span><\/p>\n

The post Can Shiba Inu (SHIB) Erase a 0 From its Price Before the End of 2024? (ChatGPT Analyzes)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Shiba Inu\u2019s price rose substantially recently, but a major rally will depend on favorable market conditions and increased SHIB burning. 55% of SHIB holders are now in profit, showing a positive shift. How Realistic Is Such a Scenario? Shiba Inu has been making the headlines lately, with its price soaring by 35% in the […]<\/p>\n","protected":false},"author":0,"featured_media":10089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10088"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10088"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10089"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}