The valuation of meme coin Shiba Inu (SHIB) has been a subject of speculation amid ongoing network developments aimed at bringing greater benefits to the network. In this article, we will take a look at the latest predictions for SHIB…
A bullish forecast has arrived for SHIB
In this regard, there are various price targets for this meme coin, with the broader community targeting the $1 milestone. However, to reach this position, Shiba Inu would likely need the support of a $0.50 price floor. To evaluate the possibility of SHIB reaching the $0.50 level, the team of the platform called Finbold asked for information from the productive artificial intelligence (AI) platform Google Bard. When asked about Shiba Inu’s path to $0.50, Bard identified several factors that could potentially push SHIB to that price point.
According to this analysis, SHIB should experience an increase in purchasing pressure and significantly increase the token’s market cap to $274.5 billion. “For Shiba Inu to reach $0.5 it would need to reach a market cap of approximately $274.5 billion. This represents a significant increase over the current market value,” says Bard.
Factors influencing the Shiba Inu’s path to $0.50
The tool acknowledged that it is a long way to reach the $0.50 level, but identified three factors that could contribute to this significant increase. The tool found increased adoption and use as a currency. The more Shiba Inu is adopted for transactions, the higher the demand will be. Bard also emphasized the importance of the continued development of the SHIB ecosystem as well as the support of the token community. However, Bard emphasized that the cryptocurrency market is volatile and unpredictable.
Based on current market conditions, it seems unlikely that Shiba Inu will reach $0.50 in the near future. However, if the cryptocurrency market continues to expand and SHIB becomes widely adopted, the dream of reaching $0.50 in the long run may not be completely unattainable. It’s important to emphasize that Shiba Inu is pinning some of his hopes on networking ventures to increase his valuation. The recent launch of layer two scaling solution Shibarium is touted as a key driver for this growth.
The number of transactions in Shibarium increased
Notably, this solution is reaching several milestones. As of October 22, the total number of transactions on Shibarium exceeded 3.5 million, resulting in a very fast block time of just five seconds. At the same time, cryptokoin.com As we have reported, there is an increasing emphasis on burning excess SHIB tokens. A new report published on October 18 showed that the SHIB burn rate skyrocketed to 419.94% within 24 hours, resulting in approximately 40 million SHIB tokens being removed from the total supply in a single day.
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