According to reviews from OpenAI’s ChatGPT chatbot, the price of Shiba Inu may rise to $0.001 if the monthly SHIB volume grows to $1 trillion.
Shiba Inu token is currently trading at $0.00001461 amid a broader market decline that has kept Bitcoin (BTC) at $57,000. Despite this decline, investors continue to accumulate Shiba Inu, driven by a strong belief in an eventual price increase.
Interestingly, analysts have set different targets for the token, influenced by multiple factors that are influencing the cryptocurrency market. For example, analyst Crypto Sheriff projected a looming price increase of the Shiba Inu to $0.000045. Alikze, another analyst, expect a pump to $0.000059 once the downtrend is over.
Shiba Inu price at $1 trillion monthly volume
Amid this trend, we asked ChatGPT to assess the potential price of Shiba Inu if its monthly trading volume were to rise to $1 trillion. For context: The volume of the Shiba Inu in the past month is $12.6 billion, which is about $999.874 billion less than $1 trillion.
In response, the AI chatbot emphasized the relationship between trading volume and price. According to it, higher trading volume usually indicates more interest and possibly higher prices, but the assessment, which directly relates to price, is not exactly straightforward.
At the time of analysis, the current price of Shiba Inu was $0.00001461, with a monthly trading volume of $12.6 billion. ChatGPT was the first to obtain the volume increase factor needed to reach a monthly volume of $1 trillion. This factor was determined by dividing the target volume by the current volume, which equals 79.365.
The AI chatbot then assumed that there was a direct proportional relationship between trading volume and price in terms of increase. ChatGPT suggested that the price could be the result of multiplying the current price by the volume increase factor. This brings the price target to $0.001159, which represents an upside of 7.832% from the current figure.
Interestingly, several prominent voices believe that the $0.001 level is possible for Shiba Inu. In April, market watcher Armando Pantoja said predicted a SHIB rise to $0.001 after the Bitcoin halving. Last August, CrowdWisdom, a tech platform, launched claimed that burns could help the Shiba Inu at $0.001.
Factors affecting volume and price
However, ChatGPT stressed that this scenario is purely hypothetical. The actual price could be affected by a variety of other factors. These factors include general trends in the cryptocurrency market, news events, and broader economic conditions.
The chatbot then highlighted several factors that can cause a spike in Shiba Inu trading volume. It highlighted positive news in the ecosystem. In particular, major developments and optimistic market sentiments can drive volume and prices higher.
According to ChatGPT, supply and demand can also play an important role. Changes in supply, such as token burns or increased demand could impact prices. In addition, regulatory developments surrounding SHIB and the broader market could also impact investor confidence. Finally, adoption can also affect volume and price.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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