We asked ChatGPT if Shiba Inu (SHIB) can become one of the top 5 cryptocurrencies this year

TL;DR

Shiba Inu (SHIB) saw a surge in prices earlier this year, but has since lost some of its momentum. ChatGPT sees little chance of reaching the top 5 cryptocurrencies despite Shibarium’s additional growth and a strong community. Dogecoin (DOGE), backed by Elon Musk and Tesla, has better prospects to enter the elite club, boosted by potential celebrity endorsements and market optimism. Is it mission impossible?

The popular meme coin experienced a stunning revival earlier this year, with its price hitting a two-year high in March. At the time, its market capitalization exceeded $25 billion. Despite going south in the following months, the asset remains one of the hottest topics in the community and one of the top 15 cryptocurrencies.

As such, we decided to ask ChatGPT if it can witness another substantial rally in the coming months and if it can enter the 5 club first before the end of 2024.

The AI-powered chatbot said the chances are relatively low given the current market dynamics. However, he stated that SHIB has shown significant progress recently, suggesting that further advancement of the layer 2 scaling solution, Shibarium, and other developments related to the Shiba Inu ecosystem may help achieve this goal.

ChatGPT also pointed to the meme currency’s dedicated community, suggesting that its potential growth could be beneficial for a price increase. A recent study revealed that Shiba Inu has the strongest community base among all meme coins, with Dogecoin (DOGE) taking second place.

Last but not least, the chatbot maintained that favorable regulatory developments and endorsements from prominent figures could fuel further adoption and increased pricing.

“Overall, while Shiba Inu has growth opportunities and can reach significant milestones, becoming a top 5 cryptocurrency would require extraordinary gains and favorable conditions. This remains an ambitious and challenging goal given the current market landscape and competition,” Chat GPT concluded.

Solana is currently the fifth largest cryptocurrency with a market cap of over $77 billion, meaning a gap of over $60 billion between SOL and SHIB.

What about Dogecoin (DOGE)

Dogecoin is the biggest meme coin and according to ChatGPT has the best chance to join the crypto 5 club this year. The chatbot surmised that the asset’s market cap could head north after possible celebrity support.

Remember that DOGE is Tesla CEO Elon Musk’s favorite cryptocurrency. One of the richest people often praises its merits, while the electric vehicle giant recently integrated the token as a payment option on its website.

Additionally, ChatGPT noted that many industry participants are quite bullish on DOGE, expecting its price to rise in the coming months. Popular X user Ali Martinez argued that the asset faces “significant resistance” between $0.166 and $0.171, where 75,000 addresses have amassed approximately 10 billion coins.

“However, once this barrier is cleared, DOGE has the potential to double, with the next key resistance around $0.322,” he predicted.

DOGE currently has a market capitalization of over $23 billion, making it the ninth largest in the crypto industry.

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