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Google's AI bot, Bard, has analyzed the price path of Shiba Inu (SHIB) after the launch of the Shibarium Layer 2 blockchain in August 2023.
Bard has identified several factors that can contribute to the increase in Shiba Inu prices. Among these factors are developer acceptance of Shibarium, its efficiency and scalability, and positive news about the Shiba Inu ecosystem. However, negative influences such as a general decline in the cryptocurrency market or unpleasant news can also negatively affect Shiba Ino's price.
Bard provided various Shiba price predictions from various sources, including Coinpedia, which pegged the price of SHIB at around $0.0000259 by the end of this year. A second forecast by CryptoNewsZ expects the SHIB price to reach $0.0000289 in 2023, while Thenewscrypto's view is not so bullish; Because it has set the Sheba price in the range between $0.00001419 and $0.00002.
At the time of writing, Shiba price is equal to $0.000008597, which has increased by 1.31% in the last 24 hours and by 11.19% compared to the last seven days. This digital currency is currently facing a strong support level of $0.000007593 and a resistance level of $0.000009143.
Meanwhile, cryptocurrency market analyst Ali Martinez revealed that more than 3.30 trillion Shiba Inu tokens, worth approximately $28 million, were withdrawn from well-known cryptocurrency exchanges in July.
This mass exodus of Shiba Inu tokens shows that investors, including whales and sharks, are moving their tokens to cold wallets for long-term storage. Such actions usually reduce the selling pressure in the market and help the price increase over time.
Market data shows that the price of Shiba Inu has seen a positive trend over the past month. Shiba Inu's market value is also approaching 5 billion dollars.
