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It has been a difficult few weeks for Shiba Inu (SHIB) holders, with the token’s price dropping 20% from December’s high.
However, the AI model ChatGPT has analyzed the recent price action and believes there could be significant upside ahead for SHIB in 2024.
ChatGPT also highlighted the explosive potential of the Sponge V2 (SPONGEV2) token, which is nearing its official Uniswap debut.
Shiba Inu Price Slumps as Bearish Conditions Persist
At the time of writing, SHIB is trading for $0.0000095 after a period of bearish price action.
SHIB has dropped below its 50-day exponential moving average (EMA) on the daily price chart, indicating that the medium-term trend is to the downside.
Additionally, SHIB’s price is creating lower highs and lower lows on the 4-hour time frame – a clear sign of a downtrend.
These bearish technicals have impacted SHIB’s daily spot trading volume, which has fallen to $106 million, meaning Solana-based Bonk (BONK) now attracts more interest from traders.
Although Shiba Inu’s developers have ramped up the token’s burn rate, this hasn’t been enough to boost its price.
SHIB is now down 89% from its all-time high – and looks unlikely to make a push back to that level if the current conditions persist.
ChatGPT Issues Upbeat SHIB Price Forecast Despite Current Downtrend
Despite Shiba Inu’s challenges, the AI model ChatGPT has provided an upbeat forecast for the token’s prospects this year.
ChatGPT believes that even though technical indicators have painted a gloomy picture recently, SHIB is well-positioned for a potential bull run in 2024.
As a meme coin closely tied to community sentiment, SHIB only needs a spark to trigger substantial upside.
ChatGPT points to the possibility of an improving macro environment, renewed viral momentum, and meaningful project developments coming together to fuel a rally.
If the development team can continue growing adoption of Shibarium, it may lead to new interest and investment.
Ultimately, if bullish factors materialize, ChatGPT predicts SHIB could reach between $0.000015 and $0.000025 in 2024.
This would represent a potential rally of up to 161% from current levels.
As such, even though the technicals may look bearish now, ChatGPT believes the token has comeback potential this year.
ChatGPT Predicts Big Potential for Sponge V2 Thanks to P2E Game Integration
Interestingly, it’s not just SHIB that ChatGPT is bullish on – fellow meme coin Sponge V2 (SPONGEV2) has also caught the model’s attention.
Sponge V2 is an upcoming meme coin from the creators of Sponge (SPONGE), the ERC-20 token that exploded by almost 1,000% in May 2023.
The incredible success of SPONGE has led the creators to develop SPONGEV2 while adding further utility for holders.
SPONGEV2 will be integrated into a P2E racing game that’s in development, allowing holders to use the token within the game’s economy.
This added utility has excited the Sponge community, with thousands discussing the token’s potential within the official Telegram channel.
ChatGPT is also excited about Sponge V2’s prospects, highlighting the explosive potential it sees in this meme coin.
With the momentum of the original SPONGE token behind it and the innovative blockchain gaming integration, ChatGPT thinks SPONGEV2 could quickly gain traction after it launches.
Taking the success of SPONGE as a blueprint, ChatGPT believes Sponge V2 could hit between $0.002 and $0.005 this year.
For context, that would represent an increase of almost 6 times if SPONGEV2 hits the upper end of this target range.
With the token also receiving bullish price forecasts from YouTubers like Michael Wrubel, the future looks bright for this SpongeBob-themed meme coin.
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