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We asked ChatGPT if Shiba Inu (SHIB) could become one of the top 5 cryptocurrencies this year
DR
- Shiba Inu (SHIB) saw a price surge earlier this year but has since lost some of its momentum. ChatGPT sees little chance of reaching the top 5 cryptocurrencies despite Shibarium’s further growth and a strong community.
- Dogecoin (DOGE), backed by Elon Musk and Tesla, has better prospects of entering the elite club, driven by potential celebrity endorsements and market optimism.
Is this an impossible mission?
The popular meme coin experienced an impressive revival earlier this year, with its price hitting a two-year high in March. At that time, its market capitalization exceeded 25 billion dollars. Despite heading south in the following months, the asset remains one of the community’s hottest topics and one of the top 15 cryptocurrencies.
As such, we decided to ask ChatGPT whether it could witness another substantial rally in the coming months and whether it could break into the club’s top 5 before the end of 2024.
The AI-powered chatbot said the chances are relatively low considering the current market dynamics. However, it claimed 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 can help achieve this goal.
ChatGPT also highlighted the meme coin’s devoted community, assuming its potential growth could be beneficial for a price rally. 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 contended that favorable regulatory developments and endorsements from prominent figures could spur additional adoption and price increases.
“Overall, although Shiba Inu has growth opportunities and could reach significant milestones, becoming a top 5 cryptocurrency would require extraordinary gains and favorable conditions. This continues to be an ambitious and challenging goal, given the current market and competition scenario”, concluded Chat GPT.
Currently, Solana is the fifth largest cryptocurrency with a market cap of over $77 billion, meaning a difference of over $60 billion between SOL and SHIB.
What about Dogecoin (DOGE)
Dogecoin is the biggest meme coin and according to ChatGPT, it has the best chance of joining the top 5 crypto club this year. The chatbot assumed that the asset’s market capitalization could head north following possible celebrity endorsement.
Remember that DOGE is the favorite cryptocurrency of Tesla CEO – Elon Musk. One of the richest people frequently praises his merits, while the EV giant recently integrated the token as a payment option on your website.
Furthermore, 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 accumulated approximately 10 billion coins.
“However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322,” he foreseen.
At the moment, DOGE has a market capitalization of over $23 billion, making it the ninth largest in the crypto industry.