Shiba Inu (SHIB) is experiencing a major price correction. While the charts reflect that a large portion of the gains made by SHIB earlier this year has been erased, AI algorithms predict that the current decline may not be the end. So, what is the current status of SHIB, and what exactly does AI say about SHIB’s future?
How Much Will Shiba Inu Be Worth?
Until early April, Shiba Inu was trading at $0.00003, but its price movement has continued to show a noticeably negative trend over the past few weeks. Initially, it fell below the critical support level at $0.00002 and then dropped below $0.000017 with the bearish trend in the crypto market.
According to the latest data from June 24, AI algorithms from the cryptocurrency prediction platform PricePredictions suggest that SHIB’s price could drop to $0.000014 by July 1, 2024, and may decline even further.
Considering many indicators, the AI algorithm predicts that Shiba Inu could experience a 16.52% drop from its current price.
Shiba Inu Price Outlook
As of the time of writing, the market’s number two meme coin continues to trade at $0.00001677, representing a 6.70% drop over the last 24 hours. The decline over the past 7 days has reached 15.32%, while monthly reviews show a 32.06% loss. Despite this decline, it is worth noting that SHIB has seen a 62.44% increase since the beginning of the year.
Meanwhile, events that could significantly impact the price continue to unfold in the market. The actions of whales, who hold market dominance, are drawing attention. A SHIB whale transferred 1.08 trillion SHIB to the Binance exchange, which could have a negative impact on the market.
SHIB’s market cap has dropped to $9.7 billion after a 6.52% decline, yet it still holds the second position in the meme coin volume ranking. The 24-hour trading volume has risen to $296 million after a 129% increase.
