Is Shiba Inu (SHIB) Price Going to Explode in Q4 2023?
Shiba Inu is undoubtedly one of the most explosive cryptocurrencies. Its rallies tend to be sudden and unexpected, but the fact is that we haven’t seen one in a while.
With Q3 coming to an end, it’s interesting to explore how the SHIB price will perform in the last quarter of 2023. For this, we reached out to the world’s favorite AI – ChatGPT.
Will Shiba Inu (SHIB) Price Explode in Q4?
The performance of SHIB in the last three months of the year will depend on multiple factors, according to ChatGPT.
Right off the bat, the AI pointed out that the broader market’s sentiment is likely to have an influence:
Investor sentiment plays a significant role in cryptocurrency price movements. Positive news, endorsements from influential figures, or community excitement can lead to increased demand and price appreciation.
Beyond that, ChatGPT believes that the adoption of cryptocurrencies in real-world applications and partnerships with various businesses can potentially drive the demand for it and, by extension – its price.
Interestingly, this is also the opinion of a community expert who goes by the X handle Shib Informer. As CryptoPotato recently reported, he said that keeping the fees low will help get people to use the network without feeling a huge impact on their finances.
ChatGPT also pointed out that technological advancements in the ecosystem can have an impact on SHIB’s future price.
It’s worth noting that the team recently launched the much-anticipated Shibarium layer-two network. You can find out everything there is to know about it one of our recent videos:
Beyond Market and Technology
Going beyond market trends, sentiment, and technological advancements, the AI-based chatbot also outlined that SHIB’s tokenomics have a big impact on its price.
The supply and demand dynamics of Shiba Inu are essential. Any changes in the tokenomics, such as burning tokens or implementing staking mechanisms, can affect the token’s value.
Indeed, burning tokens has a huge impact on SHIB’s price as it reduces the available supply and, by default, making the remaining coins scarcer.
CryptoPotato recently produced an in-depth article on how the Shiba Inu burn works. You can find it here.
In any case, the future of SHIB’s price remains as uncertain as ever, as multiple developments are in the pipeline. Whether or not this will impact the market value of the token, however, is something we have yet to see.
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