The cryptocurrency market has recently experienced a downturn, with Shiba Inu (SHIB) being among those affected. Advanced algorithms leveraging machine learning and artificial intelligence have projected a potential further drop in SHIB’s value, causing unease among investors. The digital asset has surrendered most of its recent gains, currently trading significantly below its all-time high of $0.000083 recorded in mid-March.
Prospective Dip in SHIB’s Valuation
Projections by PricePredictions’ AI algorithms suggest that SHIB’s price could decrease throughout March and may reach as low as $0.000025 by the beginning of April 2024. These forecasts are based on a variety of market indicators.
If these AI-driven expectations materialize, the meme coin could witness a modest 1.96% fall from its present market price.
Shiba Inu’s Market Performance
At present, SHIB stands as the second-largest meme cryptocurrency by trading volume, with a current price of $0.00002652. This represents a slight 0.38% drop, continuing a 15% decline over the past week, despite achieving a notable monthly increase of 161.68%.
The broader cryptocurrency market, including SHIB, is reacting to anticipations of the upcoming U.S. Federal Open Market Committee (FOMC) meeting on March 20th, which is expected to influence the financial sector significantly.
Simultaneously, Bitcoin (BTC), the leading cryptocurrency, is adjusting before an anticipated halving after a period of impressive growth and record highs. Bitcoin’s movements are having a ripple effect across the market, impacting other currencies like SHIB, which holds the 11th position in market capitalization.
Taking into account these elements, the AI’s prediction for SHIB’s downturn appears plausible. However, the market’s focus on Bitcoin’s upcoming halving could incite significant shifts, potentially leading to new heights for cryptocurrencies by the end of 2024.
