Shiba Inu (SHIB) has historically been one of the most explosive cryptocurrencies within the market, known for its tremendous rallies but also vicious downswings.
A lot of meme coin aficionados like Shiba Inu because it sort of gave birth to what’s currently one of the largest segments within the industry – meme coins. But can it reach its former all-time high? We decided to talk to none other than ChatGPT. Here’s what it said.
Multiple Factors Important for SHIB ATH
The next bull market is likely to happen eventually, and with it, many are wondering if SHIB will ever be able to reach its past glory.
The cryptocurrency is currently trading at a whopping 90% decrease compared to its all-time high, and it’s no small task to achieve that price again. ChatGPT believes that there are multiple factors that come into play to determine whether or not that’s possible.
The market sentiment (read: the general mood in the market) can have a major impact on the price of individual coins, including SHIB. Moreover, the stance of major countries and regulators toward the industry can also influence the entire market considerably. Whether the legislation is favorable or unfavorable matters.
In addition, there are macroeconomic factors, such as the broader economic environment. This includes interest rates, potential economic recessions, or – alternatively, growth. These can also have an impact on alternative assets such as cryptocurrencies.
Developments and Competition
The popular AI-based chat model also thinks that Shiba Inu’s adoption and utility will play an important role. For instance, the adoption rate, as well as the real-world application of SHIB, can materially contribute to its value.
Technological advancements also matter. Last week, the team behind Shiba Inu announced the public launch of Shibarium. This is a layer-two scaling solution based on Ethereum, and it’s designed to further enhance the Shiba Inu ecosystem. Unfortunately, there were major hiccups, which ultimately led to a crash in SHIB’s price.
Furthermore, ChatGPT also thinks that the emergence of new coins or the success of existing ones can also draw attention and capital from others, such as SHIB.
As you can see, there are plenty of factors that may contribute to a potential bull run of SHIB during crypto’s next big cycle.