The meme coin market is cooling off, with Shiba Inu (SHIB) experiencing a 36% price drop over the past month.
Given this information, ChatGPT has provided insight on whether SHIB can reverse before the end of 2023 or whether the token will continue falling.
ChatGPT has also offered an intriguing forecast for the new Wall Street Memes (WSM) token, which is being readied for several Tier-1 exchange listings in the coming weeks.
Shiba Inu’s Bearish Momentum Continues as Investor Hype Fades
Shiba Inu is currently trading around the $0.0000072 level – a level that hasn’t been seen since early July.
The past month has seen SHIB exhibit strong bearish momentum, closing in the red for four weeks in a row.
This significant decline comes amid a downturn in the broader crypto market, with the Crypto Fear & Greed Index now sitting at just 30 – firmly in “Fear” territory.
In more bad news for SHIB holders, the token’s value has fallen below the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) on the daily chart.
Analysts often consider this a bearish sign, indicating a high likelihood of further downside for the token in the near term.
Ultimately, fading hype and the disappointing rollout of Shibarium have weighed heavily on SHIB’s price, leading many investors to question the token’s potential for recovery.
ChatGPT Predicts Further Decline for SHIB as Selling Pressure Mounts
With Shiba Inu’s outlook remaining bleak, OpenAI’s ChatGPT has provided a forecast for the token’s value in the weeks ahead.
ChatGPT emphasized that Shiba Inu is a sentiment-driven meme coin, meaning that SHIB is likely to drop lower in the short term due to the current negativity.
If selling pressure persists and SHIB falls below the nearby support level of $0.0000070, ChatGPT believes the price could decline to as low as $0.0000060 in the next month.
Should SHIB close at this level, it would represent the token’s lowest price point since September 2021.
Unsurprisingly, this pessimistic outlook from ChatGPT has led to increased worry amongst the Shiba Inu investor base, with many bracing themselves for another leg to the downside.
Wall Street Memes Poised for Post-Listing Pump, According to ChatGPT
However, it’s not all doom and gloom in the meme coin space, with Wall Street Memes (WSM) providing a silver lining for investors.
Wall Street Memes has exploded onto the scene in the past few months, quickly becoming one of the most highly-anticipated new meme coin launches.
The project draws inspiration from the popular r/WallStreetBets community and boasts over 1.1 million followers on social media platforms like Twitter and Instagram.
Wall Street Memes’ team launched a presale for the project’s native token, WSM, in late May, successfully raising over $25 million from early investors.
The WSM presale is now in its final stage, with would-be investors offered one last chance to purchase tokens for $0.0337 before their official listing in just over two weeks.
These imminent exchange listings have piqued the attention of several high-profile names in the crypto community – Youtuber No Bs Crypto recently described it as the “biggest meme coin launch” of the year.
All of this hype and momentum has also caught the attention of ChatGPT, which highlighted WSM’s potential for a price pump after its open market debut.
Some of the factors that ChatGPT believes could help produce this price pump include the strength of the Wall Street Memes brand and the high level of engagement within the WSM community.
Given these factors and the buzz surrounding Wall Street Memes’ presale, ChatGPT believes that WSM’s price could rise.
With the current momentum showing no signs of slowing down, many believe WSM could be the next big thing in the meme coin space.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.