The Shiba Inu [SHIB] community has been eagerly looking forward to a price upswing for a significant duration. With increasing positivity revolving around Shibarium, the layer-2 scaling solution, members of the community are resolute in holding onto their SHIB tokens.
According to insights from Google Bard, SHIB is expected to witness a decrease in its numerical value before the conclusion of 2023. The cryptocurrency is predicted to reach its highest value at $0.000015. This suggests that the meme coin could potentially undergo a substantial surge of 66% in the upcoming months. Alternatively, the median price projection from Bard was positioned at $0.000012, resulting in a more cautious growth estimate of 33%.
As Shiba Inu gets ready for a potential upward movement, it is likely to face several challenges. The meme-based digital currency might come across initial opposition around the $0.00001006 mark, followed by successive thresholds at $0.00001039 and $0.00001074.
Shiba Inu’s Bullish Momentum Expands
Clearly, the community has exhibited significant trust in the meme coin. There has been a notable increase in the quantity of substantial transactions occurring within the network. Moreover, information gathered from IntoTheBlock’s data suggests that bullish sentiment outweighs bearish sentiment in the SHIB market.
As depicted in the chart provided, the quantity of addresses acquiring more than 1% of the traded volume in the last 24 hours surpassed the number of addresses selling over 1% of the traded volume within the same timeframe.
While increased network engagement undeniably plays a role in price appreciation, it’s important to recognize various other contributing factors. Bard emphasized that elements including adoption, the overall sentiment prevailing in the cryptocurrency sector, and the levels of speculation and excitement surrounding SHIB are also crucial in driving the asset’s price advancement.