Here’s Google Bard About Shiba Inu. Read on to learn more about what Bard says about Shiba Inu (cryptocurrency) to reach $1.
To begin with, in case if you are someone who is not keeping well with the latest updates happening in the world of cryptocurrency, and therefore thinking we are here to talk about a dog, let me clear your confusion on Shiba Inu and Shiba Inu coin (cryptocurrency).
A person or group going by the name of “Ryoshi” launched the decentralized cryptocurrency known as the Shiba Inu token (ticker: SHIB) back in August 2020.
It is named after the Japanese dog breed known as the Shiba Inu, which originated in the Chbu region. This breed is also represented in the Dogecoin logo, which was first a parody cryptocurrency based on the Doge meme.
Also, Shiba Inu has been referred to as a pump-and-dump scheme and a “meme coin.”
Besides, concerns have also been raised concerning the token’s concentration, with a single “whale” wallet in control of tokens valued at billions of dollars, as well as the irrational buying by regular investors driven by FOMO.
The ‘Dogecoin killer’ Shiba Inu was introduced in August 2020.
Vitalik Buterin gave the India COVID-Crypto Relief Fund more than 50 trillion SHIB (worth more than $1 billion at the time) on May 13, 2021, in case you don’t know.
The exchange price of the cryptocurrency significantly increased at the start of October 2021. Within a week, its value climbed by 240%.
But the price fell at the start of November and kept falling, losing about 55% of its value by the end of the month.
Here’s What Google Bard Says About Shiba Inu
When we made a prompt in Google Bard regarding- Shiba Inu reaching $1. Here’s what we found-
“It is highly unlikely that Shiba Inu will reach $1 in 2023. For Shiba Inu to reach $1, its market capitalization would need to be $589 trillion. This is more than the entire market capitalization of all cryptocurrencies combined. Even if Shiba Inu were to burn a significant portion of its supply, it would still be very difficult for it to reach $1.
There are a few reasons why Shiba Inu is unlikely to reach $1. First, there are simply too many Shiba Inu tokens in circulation. There are over 589 trillion SHIB tokens, which is a very large number. This means that even if the price of SHIB were to increase significantly, it would still take a lot of money to buy a single token.
Second, Shiba Inu does not have a lot of real-world use cases. It is primarily used as a speculative investment, and there are not many businesses that accept SHIB as payment. This lack of real-world use cases makes it difficult for Shiba Inu to gain widespread adoption and reach a high price.
Finally, Shiba Inu is a meme coin. Meme coins are often volatile and can experience large price swings. This makes them a risky investment, and it is possible that Shiba Inu could lose all of its value in the future.
Overall, it is highly unlikely that Shiba Inu will reach $1 in 2023. There are a number of factors that make it difficult for Shiba Inu to reach this price, including the large number of SHIB tokens in circulation, the lack of real-world use cases, and the volatility of meme coins.”
So, according to both, what Google Bard says and the crypto experts say, at a market cap of $589 trillion, there is not a lot of money in the world for Shiba Inu to achieve $1.
Read more: Google Bard Launched In India, The Rival Of ChatGPT – Freaky Funtoosh
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Author: Anam K.
Anam is a huge movie enthusiast with a journalism and mass communication diploma. She is continually immersed in the soft news media space, be it entertainment, movies, pop culture, lifestyle, or any other relevant creative niche. You can always find her reading and writing about any of these, and you can also find her binge-watching actors' round-table conversations to comprehend the humane side of the artists. Watch her pen down each and every significant aspect related to your favorite celebrities whenever you read from her!
