Why Did Shiba Inu Explode 130% Weekly, How Far Up Can SHIB Go? Perplexity Answers
The second-largest meme coin by market cap – Shiba Inu (SHIB), has been among the top performers in the crypto market in the past week or so.
Although the entire meme coin sector has charted impressive gains, SHIB’s price could be poised for further gains given several factors that were recently listed by ChatGPT’s rival – Perplexity.
Bitcoin had a few big weeks in February as it managed to close it with the most substantial monthly gain in its history. However, the asset has stalled since then, while meme coins have been on the rise.
Shiba Inu gained a lot of traction in recent weeks, having soared by more than 130% on a 7-day scale. Yesterday alone, SHIB skyrocketed by 65% at one point.
You can check some of the possible factors behind this increase here – such as the burn rate – and also some mindblowing future price predictions made by industry experts – here.
The popular AI chatbot – Perplexity – also weighed in on the matter. When asked why SHIB’s price was up so much lately, it answered that a large portion can be attributed to the overall growth of the entire crypto market but also the hype around meme coins on social media.
ChatGPT’s rival believes the launch of Shibarium last year has also finally caught on with investors, especially given the upcoming updates to the layer 2 solution network.
“Additionally, the bullish sentiment around SHIB has been supported by various metrics, such as the Network Value to Transactions (NVT) ratio, MVRV ratio, and network growth.”
Nevertheless, Perplexity warned that there might be some upcoming corrections due to the Relative Strength Index (RSI), which suggests that the price is overbought at the moment.
With SHIB currently trading above $0.00002, the chatbot gave some promising predictions for its future valuation. It indicated that the meme coin could soon double its price to $0.000041 and even all the way up to $0.00008 if the market conditions remain the same or improve.
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Filed under: Bitcoin - @ March 3, 2024 9:17 am