Despite its widespread popularity, Shiba Inu (SHIB) has encountered significant challenges in the past year. Despite a notable launch of its layer-2 network, the asset struggled to gain substantial momentum. Even though SHIB successfully underwent a decimal point adjustment, it experienced a correction following the prevailing market trends. Currently, SHIB has seen a nearly 6% decline in the daily chart and over 12% in both the weekly and monthly charts. Since January 2023, the asset’s price has only increased by a modest 7.3%.
Last year, Dogecoin (DOGE) and Shiba Inu (SHIB) took a backseat in the cryptocurrency scene. Nevertheless, numerous enthusiasts and investors remain optimistic about the popular dog-themed crypto making a comeback in 2024, anticipating a potential bull run. Analysts speculate that the US Securities and Exchange Commission (SEC) may approve one or more spot Bitcoin (BTC) Exchange Traded Fund (ETF) applications in January 2024.
Additionally, Bitcoin is set to undergo its next halving cycle in April. These developments could potentially trigger a new bull run in the cryptocurrency market. In such a scenario, BTC might achieve a new all-time high, with many predicting six-digit figures for the original cryptocurrency.
From Bitcoin Peaks to Shiba Inu Surges: Pricing Scenarios in a $200K Market
Google’s Bard AI chatbot explores potential scenarios for Shiba Inu’s (SHIB) price in the context of Bitcoin (BTC) reaching $200,000. In the first envisioned scenario, the chatbot envisions a strong correlation between SHIB’s price and BTC’s, suggesting that SHIB could surge to $0.00004386. This projection implies a remarkable increase of over 380% from its current price levels. However, the chatbot remains cautious, not anticipating SHIB to reach its previous all-time high of $0.00008616, which was achieved in October 2021.
Conversely, the chatbot considers an alternative scenario where SHIB’s price exhibits a weak correlation to BTC’s movement. In this case, the projected price for SHIB is $0.00001357, indicating a more moderate increase of nearly 50% from its present levels. These scenarios present varying outlooks, highlighting the significance of the correlation between SHIB and BTC in determining potential price movements as the cryptocurrency market evolves.