Shiba Inu (SHIB) is currently undergoing a notable price correction, erasing much of the gains made earlier this year. AI algorithms indicate this decline may persist. This report delves into the current status of SHIB and its future as predicted by AI.
What Does AI Say About Shiba Inu’s Future?
Up until early April, Shiba Inu maintained a trading value of $0.00003. However, recent weeks have shown a significant downward trend, breaking through critical support levels at $0.00002 and $0.000017. The latest data from June 24 suggests that AI algorithms from PricePredictions forecast SHIB’s value could drop to $0.000014 by July 1, 2024, with the potential for further decline.
AI analysis indicates SHIB might experience a 16.52% drop from its current price. This prediction considers multiple market indicators, emphasizing the importance of monitoring these metrics closely.
How Is Shiba Inu Performing Now?
As of now, SHIB is trading at $0.00001677, marking a 6.70% drop in the last 24 hours. Over the past week, the decline has reached 15.32%, and the monthly loss stands at 32.06%. Nevertheless, SHIB has still managed a 62.44% increase since the beginning of the year, demonstrating volatility in its market performance.
Market events, particularly those involving dominant whales, continue to influence the price. A significant transaction saw a SHIB whale transferring 1.08 trillion SHIB to the Binance exchange, which could exert downward pressure on the market.
Key Takeaways for Investors
- Monitor AI forecasts for potential further declines in SHIB’s price.
- Pay attention to market activities and whale transactions for sudden impacts.
- Note the volatility in SHIB’s performance, which has both significant drops and gains.
- Evaluate the current market trends before making investment decisions.
SHIB’s market cap has fallen to $9.7 billion, owing to a 6.52% decline, but it still retains the second spot in meme coin volume rankings. The 24-hour trading volume has surged to $296 million, showing a 129% increase.