Citing data from sources across the web, the Bing AI chatbot from Microsoft gives an average price prediction for Shiba Inu (SHIB).
Shiba Inu (SHIB) remains in the clutches of the bears amid a mix of bullish and bearish sentiments. While some investors suggest that the asset has reached its bottom and could only go up from here, others dread further dips. However, Microsoft’s Bing AI chatbot has chipped in an opinion, citing sources across the web.
Bing emphasized that there are several projections of SHIB’s future price across numerous sources on the internet, with some sources more optimistic than others. However, it noted that the average price for Shiba Inu in June stands at $0.000011.
The AI chatbot stressed that this price prediction is based on several factors that can influence the movements of Shiba Inu. These include the overall sentiment in the crypto market, the development of the Shiba Inu ecosystem, and SHIB’s burn rate.
Overall Market Sentiment
According to Bing, Shiba Inu’s price actions will be largely affected by the direction the overall crypto market takes, triggered by investors’ sentiments. “If the overall market sentiment is positive and there is a high demand, Shiba Inu’s price may rise as more investors buy and hold the token,” it said.
Moreover, the chatbot noted that increased demand could further trigger more mass adoption for Shiba Inu, contributing to a surge in its network activity and market dominance. These factors could, in turn, influence an upswing in price action and popularity.
Development of the Shiba Inu Ecosystem
The Shiba Inu community continues championing projects and initiatives to enhance the ecosystem. These projects include Shibarium, the layer-2 network, and SHIB: The Metaverse. Bing noted that the direction of these projects and updates on their progress will influence the price of Shiba Inu.
Notably, favorable updates on these projects’ development can trigger positive sentiments among investors. These updates essentially inform proponents that the projects are headed in the right direction.
As The Crypto Basic previously noted, some SHIB team members revealed last week that the development of Shibarium is going as planned. Lucie, a marketing team member, set up a projected launch date of Q3 to Q4 based on inputs from the development team.
Moreover, besides the bullish sentiments triggered by these updates, projects such as Shibarium and the Metaverse can potentially introduce more utility into the Shiba Inu ecosystem, bolstering demand.
Shiba Inu’s Supply
Bing called attention to Shiba Inu’s circulating supply, which currently stands at 574.8 trillion tokens. According to the chatbot, if SHIB’s supply is drastically reduced through an increased burn rate, it could trigger bullish sentiments and support its price action.
Meanwhile, Shiba Inu is trading for $0.00000853, down 1.73% in the past 24 hours. The Crypto Basic previously reported that SHIB has dropped by 15% this month, leaving over 1 million holders in the loss. While a price increase to $0.000011 could turn the tide for some investors, this should not be considered investment advice.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
