It’s been a volatile few weeks in the crypto market, with most coins and tokens posting sizable losses.
Given this backdrop, we tasked the AI model ChatGPT with predicting whether Shiba Inu (SHIB) could return to the $0.000050 level this year.
We also asked ChatGPT which other meme coins could be set for a price surge – with the model highlighting one brand-new presale token that it believes might be primed for a bull run.
Faith in SHIB Wavers as Price Continues Heading Downward
SHIB is hovering around the $0.0000089 level at the time of writing, having dropped 25% since December 17.
After going on a tear in the final months of 2023, the meme coin has pulled back substantially from its local peak of around $0.0000119.
However, SHIB seems to have found support around $0.0000086, where the price has reversed aggressively three times in the past three weeks.
This could be setting up for SHIB’s next major move if buying momentum returns.
Technical indicators on the daily chart show the meme coin has strong resistance ahead at the 50-day exponential moving average (EMA).
If SHIB can break through this dynamic resistance level, currently around $0.0000095, it could spark a run back to December’s high.
However, daily SHIB trading volumes have dropped in the past 24 hours, suggesting investors are losing faith in the token’s prospects.
Nevertheless, SHIB still has a highly devoted community backing it, meaning there’s always scope for a sharp rebound.
ChatGPT Offers Conservative Outlook for Shiba Inu in 2024
When asked about Shiba Inu’s prospects for 2024, ChatGPT provided a measured take on the meme coin’s outlook.
Given SHIB’s current price of around $0.0000089 and its downward trend since mid-December, ChatGPT believes a rally to $0.000050 by the end of the year seems highly optimistic.
However, the AI model pointed to the launch of the Shibarium layer-2 network last September as an ongoing positive development that could support gradual growth.
According to ChatGPT, a more reasonable price target for SHIB in 2024 would be in the $0.000012 to $0.000020 range.
The model-based this conservative outlook on typical meme coin volatility and the lack of immediate major catalysts ahead that could spark a breakout.
If the devoted SHIB community can band together for viral marketing campaigns or Shibarium sees massively increased adoption, ChatGPT admits hitting $0.000050 cannot be ruled out.
Which Other Meme Coins Is ChatGPT Optimistic About in 2024?
While ChatGPT seems cautious about meteoric gains for Shiba Inu, the AI model does see potential in other corners of the meme coin space in 2024.
In particular, ChatGPT flagged an emerging token called Sponge V2 (SPONGEV2) as an under-the-radar play that could be primed for a breakout.
ChatGPT Predicts 5x Gains for Sponge V2 Due to Gaming & Staking Utility
As a soon-to-be-launched meme coin, Sponge V2 is the next generation of the Sponge (SPONGE) token, which saw massive gains after its launch last May.
The main value propositions of Sponge V2 are its integration into a play-to-earn (P2E) gaming ecosystem and high staking rewards.
Moreover, the token benefits from the already-established Sponge community, which comprises over 28,000 people on Twitter.
According to ChatGPT, these elements make SPONGEV2 an intriguing speculative bet within the meme coin space in 2024.
In particular, the AI model things SPONGEV2 could see substantial price appreciation once it gets listed on exchanges like Uniswap.
ChatGPT cited the development team’s ambitious goal for a $100 million market cap and the $6 million already staked in the “Stake-to-Bridge” mechanism as reasons for its bullish outlook.
If Sponge V2’s team can deliver on their roadmap and gain traction among the retail crypto crowd, ChatGPT believes the token’s price could reach $0.003 to $0.005 this year.
Should this prediction come true, it would represent up to 5x gains from the current SPONGE price.
All in all, while entirely hypothetical, ChatGPT’s forecast highlights the exciting potential of Sponge V2 going forward.
Interested investors can buy and stake SPONGE directly through the project’s website at sponge.vip.