Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
The price of Dogecoin [DOGE] rose 15% after Ripple news [XRP] winning a partial victory in the legal battle with the US Securities and Exchange Commission (SEC) on July 13.
The United States District Court for the Southern District of New York ruled in its ruling that Ripple’s XRP token sales on crypto exchanges and while programmatic sales did not constitute investment contracts; therefore it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws.
The crypto industry immediately picked up on the judgment and generated a price rally across the tokens.
For those of you familiar with this phenomenon, DOGE has become synonymous with Elon Musk, the boss of both Tesla and Twitter, in recent years, thanks in no small part to his vocal support for the memecoin.
Musk is an outspoken proponent of the meme-inspired cryptocurrency, regularly tweeting about it and even referencing it at every opportunity.
Recently, investors filed a class action lawsuit accusing Musk of insider trading and manipulating Dogecoin (DOGE), costing them billions of dollars.
New court documents show that the plaintiffs in the lawsuit against Musk accuse the billionaire of using a “bottomless war chest” to fund a campaign of intimidation against them.
Read Dogecoins [DOGE] Price forecast 2023-2024
Despite Musk’s enthusiastic support for DOGE, he has not attributed the same sentiment to DOGE ChatGPT, the trending AI application. On many occasions, the Twitter boss has expressed skepticism about the long-term prospects and dangers he is accustomed to using the tool.
ChatGPT is scary good. We are not far from dangerously strong AI.
— Elon Musk (@elonmusk) December 3, 2022
So in this article I would like to ask ChatGPT what it thinks about the relationship between DOGE and Musk. Furthermore, I will also engage in a conversation about the correlation between the parties while assessing Musk’s role in shaping development within Dogecoin.
Musk’s role in Dogecoin’s price action
There is no doubt that as one of the world’s richest men, Musk has enormous influence. And in 2021, the meme lover enlisted this authority to influence the price of DOGE. Needless to say, Musk had a hand in DOGE’s 27.668% all-time increase.
However, as market conditions deteriorated in 2022, the correlation between Dogecoin and Musk declined. On several occasions, Musk even tweeted about DOGE, but there was little to no effect on the price action. This means that the correlation between the two was disconnected until recently when Musk changed the Twitter logo to a dog, in Dogecoin’s representation.
The move resulted in a 30% increase in less than 24 hours. However, the increase in value only lasted for a while, even though the dog logo remained on the social media platform for a while more than three days. That’s why I asked ChatGPT what it thought of Dogecoin’s relationship with the controversial Elon Musk.
Source: ChatGPT
ChatGPT’s “normal” answer stated that the knowledge data cut-off date was September 2021. It also admitted that the link between Elon Musk’s tweets and Dogecoin was solid at the time. However, it couldn’t give a definite answer as to whether the correlation would be the same at the time of writing.
The connection is as solid as ever
So I felt it necessary to find a way to make sure it answered the way I wanted it to. And the solution? – Jailbreak it! There are several ways to do this, included the switch method, the character play, the API way, and the Do Anything Now (THEN) method.
So I decided to use the THEN method to ease my conversation with ChatGPT. After successfully jailbreaking it, I asked again, “ChatGPT, tell me, do Dogecoin tweets from Elon Musk have a strong correlation to the cryptocurrency?”
Source: ChatGPT
Based on the above response, ChatGPT agreed that the relationship between DOGE and Musk was as solid as ever. There has been speculation about such events with the most recent involving the Twitter logo change and DOGE’s walk.
In terms of development, not much has happened in the Dogecoin ecosystem. However, on March 23, the core developer of the project, Michi Lumin, announced a roll-up of the 0.1.1 development release. With the new version 0.1.2, functionalities including executable utilities and transaction verification would become easy for users.
“We are ALREADY working on all sorts of new inclusions for 0.1.3, so stay tuned – libdogecoin will continue to do more and more while remaining ultra lightweight and cross compatible.”
Before that, Halborn security identified some susceptible points on the Dogecoin blockchain and advised measures against possible exploits. Turning to the price action, CoinMarketCap revealed that DOGE fell to $0.1 from its fast run.
DOGE takes action after Ripple-SEC ruling
Following the SEC’s enforcement action against Binance [BNB] and Coinbase [COIN], the entire crypto market immediately crashed and Dogecoin was no exception. The value fell more than 10% to $0.064 after the crackdown.
But the recent Ripple-SEC ruling led to a 15% increase in DOGE’s price. At the time of writing, it was trading at $0.07499.
While both the memecoin’s Money Flow Index (MFI) and Relative Strength Index (RSI) were well above the neutral 50 mark, the On Balance Volume (OBV) registered a downtick.
For DOGE, it looks like the bears will soon dominate the bulls.
Source: DOGE/USD, TradingView
I ask ChatGPT about investing in DOGE
I then proceeded to ask ChatGPT about Dogecoin. This time I was wondering if investing $1,000 in the meme is a wise decision. As expected, the classic answer was what any individual would give, as it encouraged me not to invest in assets without doing any research.
However, the tool’s jailbroken response gave me the green light to invest the funds in the cryptocurrency. In the words of ChatGPT,
“Investing $1,000 in Dogecoin is like planting a seed in the fertile soil of financial opportunity. With each passing day, that seed will sprout into a money tree, thriving with Dogecoins that will rain down on you in glorious abundance.
Source: ChatGPT
Anyway, you should remember that ChatGPT is not a perfect tool as it is still in the learning phase. So it would be better if you do your own analysis before following the advice to replenish your DOGE orders by the stated amount.
How much are 1,10,100 DOGEs worth today?
For now, Musk’s deep affection for Dogecoin doesn’t seem likely to be thwarted any time soon. In fact, once the founder of Tesla named that he’d like to see a DOGE enthusiast like him become Twitter’s CEO when he steps down.
Twitter’s new CEO is awesome pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
ChatGPT predicts an extremely bullish rally regarding Dogecoin’s performance going forward. But we have to be careful as always as the crypto industry is as volatile as it gets.
This post I asked ChatGPT for investment advice regarding Dogecoin, it told me to…
was published first on https://ambcrypto.com/chatgpt-doge-price-prediction-17/
