TL;DR
- Shiba Inu (SHIB) saw a price surge earlier this year but has since lost some of its momentum. ChatGPT sees low chances of reaching the top 5 cryptocurrencies despite further growth from Shibarium and a strong community.
- Dogecoin (DOGE), backed by Elon Musk and Tesla, has better prospects for entering the elite club, driven by potential celebrity endorsements and market optimism.
Is That a Mission Impossible?
The popular meme coin experienced an impressive revival earlier this year, with its price tapping a two-year high in March. Back then, its market capitalization surged above $25 billion. Despite heading south in the following months, the asset remains one of the hottest topics across the community and one of the 15 biggest cryptocurrencies.
As such, we decided to ask ChatGPT whether it can witness another substantial rally in the following months and whether it can enter the top 5 club before the end of 2024.
The AI-powered chatbot said the chances are relatively low considering the current market dynamics. However, it claimed that SHIB has shown significant progress as of late, suggesting that further advancement of the layer-2 scaling solution—Shibarium—and other developments related to Shiba Inu’s ecosystem can help achieve that goal.
ChatGPT also noted the meme coin’s devoted community, assuming that its potential growth could be beneficial for a price rally. A recent study revealed that Shiba Inu has the strongest community base among all meme coins, with Dogecoin (DOGE) occupying the second spot.
Last but not least, the chatbot maintained that favorable regulatory developments and endorsements from prominent figures might fuel additional adoption and price surge.
“Overall, while Shiba Inu has opportunities for growth and can achieve significant milestones, becoming a top 5 cryptocurrency would require extraordinary gains and favorable conditions. This remains an ambitious and challenging goal given the current market landscape and competition,” Chat GPT concluded.
Currently, Solana is the fifth-largest cryptocurrency, with a market cap of over $77 billion, meaning a gap of over $60 billion between SOL and SHIB.
What About Dogecoin (DOGE)
Dogecoin is the biggest meme coin, and according to ChatGPT, it has better chances to join crypto’s top 5 club this year. The chatbot assumed that the asset’s market cap could head north following possible support from celebrities.
Recall that DOGE is the favorite cryptocurrency of Tesla’s CEO – Elon Musk. One of the wealthiest people often praises its merits, whereas the EV giant recently integrated the token as a payment option on its website.
In addition, ChatGPT noted that many industry participants are quite bullish on DOGE, expecting its price to soar in the following months. The popular X user Ali Martinez argued that the asset faces “significant resistance” between $0.166 and $0.171, where 75,000 addresses have accumulated approximately 10 billion coins.
“However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322,” he predicted.
As of the moment, DOGE has a market capitalization of more than $23 billion, making it the ninth-biggest in the crypto industry.
Read More: We Asked ChatGPT if Shiba Inu (SHIB) Can Become a Top 5 Cryptocurrency This Year