During the last few bull markets, at least one type of niche asset class within the cryptocurrency sector has become a major player. The previous run that ended abruptly in 2022 consisted of NFTs and meme coins.
While many experts comment that Bitcoin and the rest of the market have already started a new bull cycle, given the recent price explosions, the community is speculating whether a new trend will emerge or history will repeat itself with a certain asset class.
Meme coins have already seen massive gains, generating substantial profits for some investors. As such, we decided to ask ChatGPT what would happen on this front and, more importantly, whether Shiba Inu will become the largest representative of this cohort.
And ChatGPT says…
After a few weeks of spending quietly behind Bitcoin and a few other altcoins, Shiba Inu has gone on the offensive over the past ten days. On a weekly scale, the protocol's native token is up 130% and has reached its own multi-month high at $0.000022.
As such, SHIB has become the 13th largest cryptocurrency by market capitalization (nearly $12.5 billion at present). Dogecoin, on the other hand, the first such token, which is currently the largest by this measure, is in 10th place with a market capitalization of just over $19 billion.
Being so close now, we asked ChatGPT if SHIB actually had a chance of surpassing its older brother. After warning that predicting future cryptocurrency price movements is a difficult task, the popular AI chatbot has highlighted five factors that will determine which will be the biggest meme coin.
The 5 factors
Community support: Shiba Inu has a strong and active community, which is essential for meme coins to gain traction and maintain momentum. Continued support from the community could contribute to its growth.
Market Sentiment: Market sentiment plays an important role in the success of meme coins. Positive sentiment, fueled by hype and speculation, could drive up the price of the Shiba Inu and increase its popularity.
Listing on major stock exchanges: Availability on major cryptocurrency exchanges can increase the accessibility and liquidity of a coin like Shiba Inu, potentially attracting more investors and traders.
Development and Innovation: Ongoing development efforts, including the introduction of new features and initiatives, could improve the appeal and usefulness of the Shiba Inu, leading to increased demand.
Competition: The cryptocurrency market is very competitive, with many meme coins vying for attention. Shiba Inu faces competition from other meme coins, each with their own unique features and community support.
Additionally, the Shiba Inu team has been constantly updating the protocol with the launch of several features, as well as Shibarium. For more information on the latter, please watch this video:
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