Due to the immense popularity of Shiba Inu in the crypto world and the millions of investors holding SHIB tokens, its price direction is always an interesting and hotly debated topic. As thematic coins become part of the crypto market vanguard, the meme coin is expected to continue to rise significantly, and many analysts agree. Even machine learning algorithms are predicting that Shiba Inu's price will skyrocket in the coming days.
Machine learning algorithm predicts 119% surge
CoinCodex's machine learning algorithm took into account various indicators and concluded from here that Shiba Inu price is very bullish. According to the website, sentiment towards the meme coin remains very bearish, which would normally be a good time to buy and a time when a bounce is more likely. Additionally, the Fear and Greed Index is hovering at a score of 71, which represents greed, meaning investors are more willing to put money into the market.
The predictions made by the machine learning algorithm span a range of time periods, but the interesting one is the 5-day prediction: As the website's data shows, the machine learning algorithm predicts that the price of Shiba Inu will double within a week.
At the time of writing, Shiba Inu price is still hovering around $0.000017 with a price prediction of $0.00003839. Such an increase in SHIB price would represent a 119.45% increase in less than a week.
However, over a longer period, say 30 days, the machine learning algorithm predicts that the price will fall again, to $0.00001686, which would be a 3.66% drop from the current price. However, if the price reaches $0.00003839 in the next 5 days as predicted, it will be a drop of over 50%.
When will Shiba Inu reach a new all-time high?
Despite the bull run over the past year, Shiba Inu's price has not been able to recapture its all-time high of $0.00008845 in 2021. Its current value is about 80% lower than this all-time high, meaning the meme coin still has a long way to go before hitting new peaks.
According to CoinCodex's machine learning algorithm, Shiba Inu meme coin investors may be waiting a long time for this to happen. Longer timeframe predictions predict that Shiba Inu's price will hit an all-time high in 2029, rising to $0.000156. This means that those who bought at the peak in October 2021 will have another five years before they can make a profit on their holdings again.
Featured image created by Dall.E, chart taken from Tradingview.com
