CoinGeek Report:
According to an evaluation by OpenAI’s ChatGPT, if SHIB’s monthly trading volume were to increase to $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, amidst broader market stagnation keeping Bitcoin (BTC) steady at $57,000. Despite this downturn, investors continue to accumulate Shiba Inu, confident in an eventual price rebound.
Interestingly, various analysts have set different targets for the token, considering multiple factors affecting the cryptocurrency market. For instance, Crypto Sheriff predicts Shiba Inu’s price might rise to $0.000045 soon, while analyst Alikze anticipates a potential increase to $0.000059 once the downtrend concludes.
In this context, with SHIB’s current monthly trading volume at $12.6 billion over the past month, significantly less than $1 trillion, ChatGPT was asked to assess its potential price if it were to reach this target.
In response, the AI chatbot emphasized the relationship between trading volume and price, noting that while increased trading volume typically signals rising interest and potential price appreciation, direct price evaluations are not straightforward.
Analyzing the current scenario, with Shiba Inu priced at $0.00001461 and a monthly volume of $12.6 billion, ChatGPT first determined the growth factor needed to achieve a $1 trillion monthly volume, calculated as 79.365 times the current volume.
Subsequently, the AI assumed a direct proportional relationship between trading volume and price. ChatGPT estimated that the price could potentially reach $0.001159, representing a 7832% increase from its current value.
Interestingly, some prominent figures believe Shiba Inu could reach the $0.001 mark. In April, market observer Armando Pantoja predicted SHIB could rise to $0.001 post Bitcoin halving. Last August, tech platform CrowdWisdom suggested burns could help Shiba Inu achieve $0.001.
However, ChatGPT underscored these as hypothetical scenarios, acknowledging that actual prices could be influenced by numerous other factors including overall market trends, news events, and broader economic conditions.
The chatbot then highlighted various factors that could catalyze a surge in Shiba Inu trading volume, urging attention to positive developments within its ecosystem. Notably, significant developments and bullish market sentiment can drive both trading volume and prices higher.
According to ChatGPT, supply and demand dynamics could also play a crucial role. Changes in supply, such as token burns or increased demand, are likely to impact prices. Furthermore, regulatory developments surrounding SHIB and the broader market could affect investor confidence, ultimately influencing volume and prices.
