Shiba Inu’s (SHIB) price surged over the last weekend, along with the larger crypto market. The popular memecoin managed to cross the $0.000007 level and is holding steady at this price point. However, AI (Artificial Intelligence) platforms have predicted the price for the dog-themed crypto for Oct. 31, 2023.
According to the PricePredictions machine learning algorithm, SHIB will hit a price of $0.000007352 on Oct. 31, 2023. The increase translates to a growth of about 1.38% from current price levels. Moreover, the platform predicts a bullish outlook for the memecoin till at least Nov. 23, 2023.
According to Changelly, SHIB will hit a price of $0.000006667 on Oct. 31, 2023. The drop represents a fall of about 8% from current levels.
On the other hand, CoinCodex predicts that Shiba Inu (SHIB) will hit a price of $0.000006719 on Oct. 31, 2023. The change represents a fall of about 7.32% from current levels. Nonetheless, CoinCodex anticipates SHIB to regain some momentum in November.
Can Shiba Inu continue its rally?
The current market is following the heels of Bitcoin (BTC). The original cryptocurrency has a lot of bullish developments around it that could sustain its rally. Firstly, a spot BTC ETF (Exchange-Traded Fund) could soon see the light of day in the U.S.. Some of the most significant asset managers in the world, such as BlackRock and VanEck, have submitted applications to the SEC (Securities and Exchange Commission) for the investment product.
Secondly, BTC is approaching its next halving cycle, set to take place in April 2024. A halving event is usually a bullish development as it reduces supply.
Both the events together may spark another BTC bull run very soon. With BTC surging, other tokens, such as Shiba Inu (SHIB), may follow suit.