After reaching a two-year-high earlier this month, Shiba Inu (SHIB) has faced a significant correction in the last few days. The popular dog-themed cryptocurrency is down 24% in the weekly charts and 29.3% in the 14-day charts. However, SHIB’s price is still up by 155.4% over the previous month and 132.7% since March 2023.
Also Read: Shiba Inu: Can $1000 Investment in 2024 Make $1 Million in 2030?
The latest price dip is likely due to Bitcoin (BTC) briefly falling below $61k. BTC’s price dip, on the other hand, is probably due to investors booking profits after holding at a loss for over two years. Moreover, high inflation rates in the US may have spooked investors, with the Federal Reserve possibly planning to keep interest rates high for longer.
However, SHIB may witness a stellar rally later this year.
Shiba Inu (SHIB) to hit $0.0001 this year?
According to OpenAI’s popular AI (Artificial Intelligence) chatbot ChatGPT, SHIB could hit $0.0001 by October 2024. Reaching $0.0001 from current levels would translate to a growth of about 300%.
Also Read: Shiba Inu: Should You Buy SHIB Now Or Is It Too Late? Explained
Changelly, however, does not anticipate Shiba Inu (SHIB) to delete another zero this year. The platform predicts SHIB to hit a maximum price of $0.0000885 this year, which it may attain in July. Reaching $0.0000885 from current levels would translate to a growth of about 254%.
Telegaon also does not anticipate SHIB to delete another zero this year, predicting a maximum price of $0.0000601 for 2024. Reaching $0.0000601 from current levels would translate to a growth of about 140%.
Also Read: Shiba Inu: ChatGPT Predicts When SHIB Could Hit $0.0005
However, there is a possibility that Shiba Inu (SHIB) could hit $0.0001 later this year, given that the project burns a large number of tokens coupled with a bullish market environment.