CoinDesk Report:
According to an assessment by OpenAI’s ChatGPT, if the monthly trading volume of SHIB reaches $1 trillion, the price of Shiba Inu could potentially surge to $0.001.
Currently, the trading price of the Shiba Inu token stands at $0.00001461, while broader market slumps have kept Bitcoin (BTC) stable at $57,000. Despite these downturns, investors continue to accumulate Shiba Inu, anticipating a rebound in prices.
Interestingly, various factors affecting the cryptocurrency market have prompted analysts to set different targets for the token. For instance, Crypto Sheriff predicts Shiba Inu’s price could soar to $0.000045, whereas analyst Alikze anticipates it could rise to $0.000059 once the downward trend subsides.
Price Dynamics of Shiba Inu
In light of these trends, if SHIB’s monthly trading volume were to surge to $1 trillion, we asked ChatGPT to evaluate its potential price. Contextually, Shiba Inu’s trading volume over the past month has been $12.6 billion, significantly less by approximately $998.74 billion.
In response, the AI chatbot emphasizes the relationship between trading volume and price, noting that while increased trading volume typically indicates heightened interest and potential price rises, direct assessments of price are not straightforward.
During analysis, ChatGPT notes Shiba Inu’s current price of $0.00001461 and monthly trading volume of $12.6 billion. Initially, ChatGPT calculates the growth factor in trading volume required to reach $1 trillion monthly. This factor, determined by dividing the target volume by the current volume, is 79.365.
Subsequently, the AI assumes a direct proportional relationship between trading volume and price. ChatGPT suggests the potential price as the current price multiplied by the volume growth factor, projecting a target price of $0.001159, marking an increase of 7832% from the current figure.
Shiba Inu Price Forecast by ChatGPT
Interestingly, some prominent figures believe Shiba Inu could reach the $0.001 mark. In April, market observer Armando Pantoja predicted SHIB would rise to $0.001 following Bitcoin’s halving. Last August, tech platform CrowdWisdom claimed burn events could help Shiba Inu reach $0.001.
Factors Influencing Quantity and Price
However, ChatGPT stresses these scenarios remain hypothetical. Actual prices may be influenced by various other factors including overall trends in the cryptocurrency market, news events, and broader economic conditions.
The chatbot then focuses on multiple factors capable of catalyzing a surge in Shiba Inu trading volume, urging attention to positive developments within its ecosystem. Notably, significant developments and bullish sentiments can drive increases in both trading volume and price.
According to ChatGPT, supply and demand dynamics may also play crucial roles. Changes in supply, such as token burns or increased demand, could impact prices. Furthermore, developments surrounding SHIB and broader market regulatory updates may influence investor confidence. Lastly, adoption can also affect both quantity and price.