Meme cryptocurrency Shiba Inu (SHIB) is experiencing short-term price volatility amid a sharp correction that occurred on June 7.
Despite current price movements, SHIB investors are focused on witnessing the token reduce the number of zeros in its price, with the one-cent mark remaining a likely target.
Based on SHIB’s underlying fundamentals, reaching this level is challenging. However, Finbold turned to OpenAI’s latest and most advanced artificial intelligence (AI) tool, ChatGPT-4o, to gather insights on when SHIB might hit $0.01.
SHIB price prediction. Source: ChatGPT-4o
In the meantime, it’s worth noting that the Shiba Inu community has implemented measures to help the token gain momentum and compete. For instance, Shiba Inu heavily relies on initiatives such as token burning to provide more sustainability.
For instance, in early June, the token increased about 16,600% in token burning. Overall, the burn mechanisms are meant to reduce the overall supply of SHIB in circulation, potentially enhancing its value.
Shiba Inu price analysis
At press time, Shiba Inu was trading at $0.00002315, having corrected by over 7% in the last seven days.
SHIB seven-day price chart. Source: Finbold
In summary, SHIB’s price has generally been trending downwards from June 6th onwards. Notably, watching the price action around $0.000025 and $0.0000245 will be important, as breaking through these resistance points could lead to a possible bullish breakout.
On the flip side, observing how the price interacts with the $0.000023 and $0.0000225 support levels can offer buying opportunities.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
