Shiba Inu (SHIB), the second-largest meme coin by market capitalization, remains popular in the crypto market, trailing only behind Dogecoin (DOGE). SHIB has a massive circulating supply of approximately 590 trillion tokens, which significantly impacts its price. At the time of writing, SHIB was trading at $0.000008738.
Currently, SHIB holds the 17th position in the list of top cryptocurrencies, with a market value of $5.149 billion. According to CMC data, the price represents a 27% decrease compared to its value a year ago. However, there are high expectations for a price increase from the Shibarium layer-2 blockchain, launched in 2023.
Despite the anticipation, SHIB’s price retracted after the introduction of Shibarium, whose native token is BONE, leading to uncertainty about its impact on SHIB’s value. Elon Musk’s new AI, Grok, is gaining attention for its detailed data access and successful machine learning model outcomes.
Grok’s predictions for SHIB’s future price by the end of 2024 range between $0.000012 and $0.000020. The AI also forecasts potential highs and lows for SHIB, suggesting a 275% increase to $0.000030 and a 25% decrease to $0.000006 from the current price.
These predictions reflect the continued community support for Shiba Inu despite uncertain demand and use cases. SHIB’s popularity, driven by rumors, contributes to high transaction volumes and liquidity across multiple ecosystems. Investors are advised to be cautious and closely monitor SHIB’s social visibility and trading metrics, remembering that meme coins like SHIB can quickly react to market events.