In wake of Bitcoin (BTC)’s stunning breakout through the $100,000 level on Thursday, optimism is rising that a new wave of upside could be about to sweep through the meme coin markets, and analysts are coming out with bullish price predictions for major coins like Shiba Inu (SHIB).
SHIB, last at $0.0000317, has been trending higher since August when it bottomed out around $0.000011 and looks odds on to retest its yearly highs above $0.000045 soon.
But back in 2021, SHIB saw explosive exponential gains over very short periods of time. Could history be about to repeat itself? Could SHIB be on the cusp of further explosive 1000x gains?
Well, given Shiba Inu’s market cap was last around $18.7 billion, 1000x gains would imply a multi-trillion market cap, which probably isn’t realistic. But the SHIB ecosystem is intent on reducing supply via burns.
Indeed, a new upgradeable burn contract was introduced in a recent Shibarium upgrade.
The team at cryptonews.com asked ChatGPT for its opinion on how high the Shiba Inu price could go, taking into account the prospect of future supply burns. Here is the chatbot’s response.
AI Predicts $1 Timeline for Shiba Inu
ChatGPT outlined a scenario where a gradual 90% token burn could substantially boost the price in the coming years.
Shiba Inu could hit $0.001 in the next 1-3 years as “reduced supply and increased supply take effect”, ChatGPT said. That would mark a 30x rally from current levels.
Over the subsequent 5-7 years, the price could then rise to $0.01, 300x above current levels, assuming “SHIB continues to grow its ecosystem, attracts institutional interest, and survives market fluctuations”.
Assuming a 90% supply burn, a SHIB price of $0.01 would imply a market cap of $589 billion, ChatGPT noted.
At present, only one cryptocurrency has a larger market cap than this, Bitcoin. Thus, it would be a very tough ask for SHIB to reach a market cap this high.
But nothing is impossible in crypto, and if the developers in the Shiba Inu ecosystem continue expanding their exciting ecosystem, mass adoption remains a possibility.
However, a Shiba Inu price of one would require token burns of more than 99%, which probably isn’t feasible. And a price of $10 would require 99.99% or more in token burns, even less feasible.
SHIB Might Not Hit $1, But Things Are Bullish
Rather than focusing on unrealistic price predictions, traders would be better suited to focusing on near-term market conditions.
And market conditions remain highly bullish for meme coins like Shiba Inu. A new pro-crypto administration is on the cusp of taking office in the US and sentiment is as buoyant as it has been in years.
SHIB could easily 5x in the coming months. However, for many meme coin traders, 5x gains are no where near enough.
Indeed, a major attraction to the meme coin market is the prospect of finding a 100x gem and getting rich quickly from a small initial investment.
One of the best ways to get into a high-potential new meme coin early is via investing at the presale stage.
Presale launches have a number of advantages over direct DEX launches for a meme coin – presales normally run for a new weeks, giving a coin time to build up hype and raise funds for marketing, community and product development.
That drastically increases the chance of a successful launch. As a result, analysts at cryptonews.com keep a close eye on the meme coin presale space.
Here are some of their top picks for best meme coins to buy right now.
Alternatively, check out the below video to learn about one of the best crypto presales in the market right now, where cryptonews.com‘s Crypto Chester discusses Pepe Unchained, an exciting meme-focused Ethereum layer-2 project that has raised a whopping $70 million and it set to launch in just over a week.
Check Out Pepe Unchained
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