The hype around meme coins hasn’t died down in 2024, with top tokens like Shiba Inu (SHIB) continuing to attract tens of millions in daily trading volume.
Given this context, ChatGPT, the viral AI model from OpenAI, has caused a stir by releasing a bullish prediction for SHIB in the next 12 months.
The model also hinted at a new under-the-radar meme coin that could outperform Shiba Inu due to its built-in gaming functionality.
It’s been a mixed year so far for SHIB holders, with the token currently down 9% since January 1.
In the first week of 2024, SHIB’s value plunged 17%, hitting $0.0000085.
This represented the token’s lowest value since December 3 and erased most of the gains made in the final weeks of 2023.
Since that low, SHIB has experienced several peaks and troughs and is now hovering around $0.0000093.
The token bounced from support around $0.0000087 earlier this week and has posted two green daily closes in a row.
Some traders believe this positive momentum is set to continue throughout February, with SHIB looking like it’s breaking out of a descending wedge pattern on the daily time frame.
At the same time, SHIB is testing the 50-day exponential moving average (EMA) as resistance.
If SHIB can break out of the descending wedge and close above the 50-day EMA, it could trigger a rally back toward the wicks around $0.0000096.
While technical analysis provides insight into potential short-term movements, AI models like ChatGPT can give a broader perspective on where SHIB may be headed in 2024.
We asked ChatGPT to analyze the token’s current dynamics and provide its prediction for where SHIB could go in the remainder of the year.
Given the context of SHIB recovering from a significant drop in early 2024, ChatGPT sees an opportunity for further gains if key resistance levels can be cleared.
The AI model also cited the growing usage of the Shibarium layer-2 network as a potential catalyst that could significantly impact SHIB adoption.
For the short term, ChatGPT estimates SHIB will continue recovering and surge to between $0.0000105 and $0.000012 if the current momentum holds.
Looking over the longer term, ChatGPT highlighted that community engagement and general market trends could see SHIB push even higher.
In an optimistic scenario, the model believes SHIB could potentially hit $0.000015 in 2024 – a 60% gain from today’s price.
While SHIB stands out as one of the most talked-about meme coins, ChatGPT hinted that a lesser-known token could perform even better in 2024.
The AI model highlighted Sponge V2 (SPONGEV2), a new token hosted on Polygon that is attracting enormous attention from retail investors.
As its name implies, Sponge V2 is a SpongeBob-themed meme coin that pays homage to the iconic Nickelodeon character.
Building on the success of its predecessor, Sponge (SPONGE), Sponge V2 will be launched on “bigger and better” exchanges and feature a play-to-earn (P2E) gaming utility.
The original SPONGE token was available on Tier-1 exchanges like Gate.io, so there are high hopes that Sponge V2 can achieve even higher acclaim.
Moreover, the gaming functionality, which will come in the form of a P2E racing game, is expected to be a key demand driver for SPONGEV2.
The token even has a built-in staking protocol on Polygon, offering yields of over 2,100% per year, although this figure will decrease as more tokens are pledged.
At the time of writing, SPONGEV2 is trading for $0.00093 on Uniswap and boasts a market cap of almost $38 million.
ChatGPT believes that SPONGEV2 could be in line for an even higher valuation in the coming months, citing the planned exchange listings and market sentiment as critical factors that could influence the token’s growth.
In a highly bullish scenario, ChatGPT believes SPONGEV2 could surge to between $0.005 and $0.01 by the end of 2024.
Should this surge occur, it would represent gains of up to 975% from the current SPONGEV2 price.
Although speculative, exponential price increases like this are not uncommon in the meme coin space – hinting that those who buy Sponge V2 tokens could be in line for an exciting year.
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