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Google's AI chatbot, Google Bard, suggests that Shiba Inu (SHIB) may experience a substantial surge in its price if Bitcoin (BTC) manages to reach the ambitious $500,000 mark, as forecasted by Bloomberg. The possibility of this scenario hinges on the cascading effects observed in the cryptocurrency market, particularly the potential rallying impact on altcoins like Shiba Inu.
Bitcoin's Trajectory and Implications
Last December, Bitcoin surpassed the $42,000 threshold for the first time in 20 months, prompting Bloomberg to highlight the event as the inception of a new supercycle that could propel BTC to $500,000. If such a surge occurs, it could set off a significant rally for Bitcoin and various cryptocurrencies, with Shiba Inu potentially benefiting from this upward trend.
Factors Influencing Shiba Inu's Price
According to Google Bard, Shiba Inu has historically closely mirrored Bitcoin's price movements. An exponential rise in Bitcoin's value could lead to a proportional upswing in Shiba Inu's price, although the extent of this correlation remains dependent on prevailing market sentiment.
According to The Crypto Basic, Bard highlights the ongoing development within Shiba Inu's ecosystem, showcasing projects like the decentralized exchange (Shibaswap) and a Layer-2 scaling solution (Shibarium). The chatbot emphasizes the potential independent growth for Shiba Inu if these platforms witness increased adoption.
Google Bard forecasts a potential 500% to 1,000% increase in Shiba Inu's price if Bitcoin reaches $500,000. This estimation places SHIB within a range of $0.0000495 to $0.0000990, considering its current trade value at $0.00000970.
However, Bard acknowledges the fluid nature of these predictions, noting that the correlation between Bitcoin and Shiba Inu may evolve as prices surge. The development in Shiba Inu's ecosystem and unforeseen events, such as regulatory changes, could significantly influence outcomes, making precise predictions challenging.
According to CoinGape, despite the hypothetical nature of the analysis, Google Bard emphasizes that it does not constitute financial advice and underscores the complexity of predicting cryptocurrency prices with certainty.
Photo: Ferhat Deniz Fors/Unsplash
