Bing highlighted that there is a range of opinions about SHIB's potential value, with some being more positive than others. It reported that the average cost for Shiba Inu in June was $0.000011.
The AI chatbot emphasized that the price projection is dependent on a number of elements that can affect Shiba Inu's movements. These encompass the overall attitude in the cryptocurrency sector, progress in the Shiba Inu framework, and SHIB's burn rate.
General Feelings in the Market
The direction of Shiba Inu's price will be significantly determined by the trajectory of the crypto market, as indicated by investor sentiment. Bing stated, "If enthusiasm for the sector is increasing and investors are buying and holding onto the token, this could lead to an upward shift in Shiba Inu's value."
The chatbot also suggested that heightened interest in Shiba Inu could lead to more people investing in the coin, which would drive up its network activity and market control. This could potentially bring about a rise in the coin's price and fame.
Progress of the Shiba Inu Network
The Shiba Inu network remains committed to creating projects and initiatives to improve the system. Included in these are Shibarium, the second-level network, and SHIB: The Metaverse. Bing has mentioned that the direction of these projects and updates on their development will have an effect on Shiba Inu's value.
Positive reports on the progress of these projects can inspire optimism among investors. Such updates demonstrate that the projects are progressing as expected.
Last week, some members of the SHIB team indicated that the progress on Shibarium is on track. Lucie, a representative from the marketing department, established an estimated release period between Q3 and Q4 based off of feedback from the development group.
In addition to the positive reactions caused by these announcements, projects such as Shibarium and the Metaverse could potentially add more use to the Shiba Inu environment, thereby increasing its demand.
SHIB Token Supply
Bing highlighted the abundance of Shiba Inu tokens currently available, with 574.8 trillion tokens in circulation. The chatbot suggested that if a large portion of these tokens were destroyed, it could lead to bullish market sentiment and consequently drive up SHIB's price.
Shiba Inu is currently trading at a rate of $0.00000853, which has seen a decrease of 1.73% within the past day. It is pointed out that SHIB has experienced an overall decrease in value by 15% during this month, resulting in more than one million holders suffering losses. While raising the price to $0.000011 could benefit some shareholders, this should not be treated as a financial recommendation or advice.
