Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, continues to experience bullish momentum alongside many other digital assets. Machine learning algorithms are predicting further growth for the ‘Dogecoin Killer‘ in the near term.
PricePredictions, a cryptocurrency analytics platform, utilizes advanced algorithms and various technical indicators to forecast SHIB’s potential price trajectory. Its model suggests a target of $0.000043 by March 31, 2024. This increase represents a potential gain of approximately 35% from SHIB’s current value of $0.00003188.
Read Also: Projected Timelines For Shiba Inu (SHIB) To Surpass $0.0007 and $0.02
What’s Driving Shiba Inu’s Growth?
Shiba Inu has enjoyed remarkable growth in recent weeks, fueled by several factors. The increased adoption of SHIB as a payment method through partnerships with companies like BitPay fosters real-world utility.
Additionally, its recent surge has propelled it into the top ten cryptocurrencies by market capitalization, fueling its rivalry with Dogecoin which occupies 9th position in the market. Currently, SHIB trades at $0.00003195, with a market capitalization of $18,918,555,672 and a trading volume of $14,437,484,192.
Technical analysis reveals a strongly bullish sentiment surrounding Shiba Inu. Its 1-week and 1-month gauges both indicate a ‘strong buy’ with favorable oscillators and moving averages.
Factors Influencing SHIB’s Price Outlook
Several factors could support Shiba Inu meeting the algorithm’s price expectations. The increased SHIB burning rate, which removes tokens from circulation, has a potential deflationary effect, which would impact the price in the long run.
Shibarium, the Shiba Inu layer-2 solution, also promises lower transaction fees and faster speeds, making the ecosystem more attractive for users and developers. Shibarium has recently reached a new milestone exceeding 3.5 million total blocks, indicating progress towards wider adoption.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: State-of-the-Art Machine Learning Algorithm Sets XRP Price For March 31, 2024
Additional Considerations
Beyond these primary drivers, the broader cryptocurrency market sentiment significantly impacts SHIB. Positive developments in the crypto space, including growing institutional interest and favorable regulatory outlooks, could further propel SHIB’s price trajectory.
Moreover, the Shiba Inu community’s enthusiasm and their ongoing development of projects within the ecosystem add an element of support for long-term growth prospects.
The cryptocurrency market remains volatile, and predictions should be approached with caution. Investors are strongly encouraged to conduct thorough research and carefully evaluate potential risks before making any investment decisions.
Follow us on Twitter, Facebook, Telegram, and Google News
