Projections for Dogecoin and Shiba Inu prices have taken a turn as an advanced machine learning algorithm has provided insights into where these popular meme coins could be headed by June 2024. The algorithm indicates a positive outlook for Shiba Inu but a more cautious stance on Dogecoin.
Shiba Inu Price Expected to Surge to Previous All-Time High in June 2024
The Coincodex machine learning algorithm has expressed a highly optimistic view on Shiba Inu, particularly for June 2024, a period anticipated to favor the overall crypto market. According to the forecast, Shiba Inu is anticipated to surge towards its previous all-time high price of $0.00008 next month.
In specific terms, the algorithm projects the Shiba Inu price at $0.00008086, representing a substantial 229% increase from its current value at $0.000025. This projection falls just about 10% below its historical peak of $0.00008845, potentially setting the stage for a new record high for this meme coin.
In the short term, the algorithm also predicts a price rally for SHIB within the week. It estimates a value of $0.00003203 over a 5-day period, marking a notable 30% rise from the current level. This suggests a strong finish for Shiba Inu by the end of May.
Regarding longer-term expectations, the algorithm foresees the SHIB price hitting a yearly high of $0.000117 in 2025, signifying a new all-time peak. However, it hints that a fresh all-time high may not be achieved until 2029 when it projects a yearly high of $0.000157.
Dogecoin Price Forecast
In contrast to the Shiba Inu forecast, the machine learning algorithm adopts a more pessimistic view on the future price of Dogecoin. It places the June 2024 price around $0.143, reflecting an approximate 14% decline from its current trading value.
This bearish sentiment extends to the short term as well, with a 5-day prediction of $0.1646, indicating a 1.0% decrease. Nonetheless, the algorithm notes that Dogecoin indicators remain positive, with the Fear & Greed Index reflecting Greed, signifying ongoing investor interest in the meme coin.
The algorithm anticipates a price target of $0.72 for Dogecoin in 2025 and does not foresee the coin surpassing $1 until 2029. By that time, it predicts a yearly high of $1.42 before a subsequent correction.
Currently, Shiba Inu is priced at $0.00002557, reflecting a 3.82% increase in the last day. Meanwhile, Dogecoin has experienced a 1.44% decline in the same period, placing its value at $0.16.
