Artificial Intelligence forecasts SHIB price on July 31 2024
Despite speculation that the fervor surrounding meme coin ‘fiesta’ may be waning—marking a period in the crypto market characterized by a surge in new tokens alongside established ones reaching record highs—the latest trends suggest a clear downturn.
This decline was starkly evident over the past 24 hours of trading, with even leading meme coins like Shiba Inu (SHIB) plummeting by 23%, dropping from $0.00001734 to $0.00001334.
Additionally, major cryptocurrencies have not escaped unscathed, with Bitcoin (BTC) dipping below $55,000 for the first time since February, while Ethereum (ETH) has fallen to lows not seen since May, nearing $2,800.
The downturn has largely been attributed to mounting selling pressure, exacerbated by actions like the German government transferring seized Bitcoin to crypto exchanges and Mt. Gox beginning repayments to creditors.
Collectively, this ongoing slump has resulted in a staggering $350 billion loss in cryptocurrency market capitalization, plummeting from approximately $2.3 trillion earlier in the month to $1.96 trillion presently.
In light of these recent developments and the ensuing uncertainty, Finbold sought insights from PricePredictions, a specialized platform using AI-driven algorithms to forecast asset prices, particularly regarding the fate of the meme coin ‘fiesta’ and SHIB’s trajectory by the end of July.
According to PricePredictions’ machine learning models, Shiba Inu, a prominent player in the meme coin arena, is expected to stabilize soon.
Unfortunately, this stabilization is projected to quell the recent volatility but also foresee a gradual decline, with SHIB potentially dropping to $0.000010—a 25% decrease from its current price of $0.00001334.
This anticipated decline caps off a period of lackluster performance for SHIB, with a 20% decline over the past week and more than 10% in a single day. As of now, it’s trading below its 200-day moving average and has seen only 11 positive trading days in the last month.
Disclaimer: The information provided here should not be construed as investment advice. Investing carries inherent risks, and individuals should exercise caution.
