In the face of widespread popularity, Shiba Inu (SHIB) has encountered significant challenges in its price performance over the past year. Despite the launch of a notable layer-2 network, the asset struggled to gain substantial traction, even though it managed to shed a zero following its decimal point. However, the token experienced a correction in line with the prevailing market trend.
Presently, SHIB registers a nearly 6% decline in the daily chart and over 12% in both weekly and monthly charts. Since January 2023, the asset’s price has only seen a modest 7.3% rally.
Both Dogecoin (DOGE) and Shiba Inu (SHIB) took a backseat in the crypto scene last year. Yet, many enthusiasts and investors are optimistic that the popular dog-themed cryptocurrency will stage a comeback in 2024, anticipating a potential bull run. Analysts are speculating that the US Securities and Exchange Commission (SEC) might approve one or more spot Bitcoin (BTC) Exchange Traded Fund (ETF) applications in January 2024.
Shiba Inu’s Prospects Amidst Anticipation Of BTC’s Next Halving Cycle
Further fueling optimism, BTC is scheduled for its next halving cycle in April. These developments could herald a new bull run for the entire crypto market, with predictions of BTC reaching a new all-time high, some even speculating six-digit figures for the original cryptocurrency.
Google’s Bard AI chatbot introduces two scenarios for SHIB’s price in the event that Bitcoin (BTC) reaches $200,000. In the first scenario, the chatbot envisions a strong correlation between SHIB’s price and that of BTC. Under this scenario, SHIB’s price could surge to $0.00004386, marking an increase of over 380% from current levels.
However, the chatbot does not foresee SHIB reaching its previous all-time high of $0.00008616, achieved in October 2021. Conversely, if Shiba Inu’s (SHIB) price exhibits a weak correlation to BTC’s, it could potentially reach $0.00001357, signaling an increase of nearly 50% from its present levels.