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After a 62% drop from its 2024 peak, Shiba Inu (SHIB) may have a path to recovery. ChatGPT identifies Shibarium’s development and the Federal Reserve’s upcoming decisions as key drivers for a potential price rise before the year ends.
ChatGPT Provides Insight on SHIB's 2024 Potential
The price of the second-largest meme coin by market capitalization surged to a peak of $0.00003629 in the first quarter of 2024. However, it has been declining ever since, and it is now selling at approximately $0.00001364, a 62% drop from its annual peak.
Given the anticipation within the SHIB community for a potential revival, CryptoPotato decided to inquire with ChatGPT about the likelihood of such a development occurring before 2024 comes to a close.
Shibarium’s Role in SHIB’s Future Growth
According to the AI-driven chatbot, it's tough to say for sure what will happen in such a situation, but it did list a number of potential reasons, the most crucial of which being the development of Shibarium.
The Shiba Inu ecosystem could benefit from the layer-2 scaling solution's scalable, cost-effective, and efficient infrastructure. The protocol has been significantly improved over the last several months, and there are several in the industry who think that the SHIB price can profit from its continued development.
“If Shibarium gains traction and sees increased adoption, it could boost demand for SHIB, as users would need the token for transaction fees and interacting with the network,” according to ChatGPT.
Shiba Inu Burn Strategy Targets Scarcity
Next on the agenda is Shiba Inu's burning program, the long-term objective of which is to decrease the massive supply of meme coins in circulation, therefore increasing its scarcity and, perhaps, its value (assuming demand remains stable or increases).
The impending FOMC meeting, which is slated to be held on September 18, is another probable reason that suggests SHIB's upswing could happen this month. The US Federal Reserve is predicted to decrease interest rates for the first time in years following this meeting. This shift lowers the cost of borrowing money and may attract more investors to riskier assets like cryptocurrency.
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