Artificial Intelligence Forecasts SHIB Price on July 31 2024

Despite speculations that the era of the meme coin ‘fiesta’ has come to an end, recent movements in the crypto market indicate a solidified downtrend. This downturn was particularly evident in the last 24 hours of trading, with even popular meme coins like Shiba Inu experiencing a 23% drop from $0.00001734 to $0.00001334.

Not only meme coins, but larger cryptocurrencies like Bitcoin and Ethereum have also suffered losses, with Bitcoin dropping below $55,000 for the first time since February and Ethereum falling to May lows near $2,800.

The decline has been attributed to mounting selling pressure, sparked by the German government transferring seized Bitcoin to cryptocurrency exchanges and Mt. Gox beginning repayments to its creditors. As a result, the cryptocurrency market has lost around $350 billion in market capitalization, dropping from $2.3 trillion to $1.96 trillion.

In light of these developments, Finbold sought insights from PricePredictions, a platform specialized in forecasting asset prices using AI algorithms, to determine the fate of the meme coin ‘fiesta’ and predict where Shiba Inu might be by the end of July.

According to PricePredictions’ AI-driven algorithms, Shiba Inu is expected to stabilize soon, ending the recent volatility and returning to a slow decline observed throughout June. This stabilization could see the meme coin falling to $0.000010, 25% below its current price of $0.00001334.

With a 20% decline in the last week and over 10% in a single day, Shiba Inu is currently trading below its 200-day moving average, signaling a generally poor performance. Investors should approach with caution as the market remains volatile and unpredictable.