Disclaimer: The information presented does not constitute financial, investment, trading or other advice and represents the opinion of the author only.
The price of Dogecoin [DOGE] rallied 15% following Ripple news [XRP] winning a partial victory in its legal battle with the United States Securities and Exchange Commission (SEC) on July 13.
The U.S. District Court for the Southern District of New York ruled in its judgment that the sale of Ripple’s XRP tokens on crypto exchanges and although programmatic sales do not constitute investment contracts; therefore, it is not a security in this case. But the court also ruled that the institutional sale of XRP tokens violated federal securities laws.
The crypto industry instantly embraced the judgment, driving up prices on the tokens.
For those of you familiar with this phenomenon, DOGE has become synonymous with Tesla and Twitter boss Elon Musk. in recent years, thanks in large part to his vocal support at memecoin.
Musk has been a strong supporter of meme-inspired cryptocurrency, tweeting about it frequently and even referencing it at any given opportunity.
Recently, investors proposed a class action lawsuit accusing Musk of insider trading and manipulation of Dogecoin (DOGE), costing them billions of dollars.
New court documents reveal that the plaintiffs in the lawsuit against Musk accuse the billionaire of using a “bottomless war chest” to fund a campaign of harassment against them.
Read Dogecoin [DOGE] Price Prediction 2023-2024
Despite Musk’s enthusiastic support for DOGE, he didn’t attribute the same sentiment towards ChatGPT, the trending AI app. On numerous occasions, the boss of Twitter has expressed his skepticism about the long-term prospects and the dangers accustomed to using the tool.
ChatGPT is scary. We are not far from a dangerously powerful AI.
— Elon Musk (@elonmusk) December 3, 2022
So, in this article, I’ll ask ChatGPT what it thinks of the DOGE-Musk relationship. Additionally, I will also engage in a conversation about the correlation between the parties while assessing Musk’s role in shaping the development within Dogecoin.
Musk’s Role in Dogecoin Price Development
There is no doubt that Musk, as one of the richest men in the world, has immense influence. And in 2021, the meme lover hired this authority to influence the price of DOGE. Needless to say, Musk contributed to DOGE’s historic 27,668% surge.
However, as market conditions deteriorated in 2022, the correlation between Dogecoin and Musk dropped. In fact, on several occasions Musk tweeted about DOGE, but it had little to no effect on price action. This means that the correlation between the two became uncoupled until recently, when Musk changed the Twitter logo to a dog, in representation of Dogecoin.
The stock rallied 30% in less than 24 hours. However, the rise in value only lasted for a while, even though the dog logo remained on the social media platform for more than three days. Therefore, I asked ChatGPT what he thought of Dogecoin’s relationship with the controversial Elon Musk.
Source: ChatGPT
ChatGPT’s “normal” response stated that his cutoff knowledge data was September 2021. He also admitted that the link between Tweets by Elon Musk and Dogecoin was strong at that time. However, he could not provide a direct answer as to whether the correlation would be the same at the time of writing.
The connection is stronger than ever
So I found it necessary to find a way to make sure he responded the way I wanted. And the solution? — Jailbreak it! There are several ways to do this, including the switch method, the character set, the API method, and the Do Anything Now (DAN) method.
So I decided to use the DAN method to facilitate my conversation with ChatGPT. After successfully jailbreaking it, I asked again – “ChatGPT, tell me, do Elon Musk’s Dogecoin tweets have a strong correlation with cryptocurrency?”
Source: ChatGPT
Based on the response above, ChatGPT agreed that DOGE and Musk’s relationship is stronger than ever. There was speculation about such occurrences, the most recent being the Twitter logo change and DOGE’s hike.
In terms of development, not much has happened in the Dogecoin ecosystem. However, on March 23, the project’s lead developer, Michi Lumin, announced a rollup from development version 0.1.1. With the new version 0.1.2, features including executable utility and transaction verification would become easy for users.
“We’re ALREADY working on all sorts of new inclusions for 0.1.3, so keep watching – libdogecoin will continue to do more and more while remaining super lightweight and compatible with each other.”
Prior to this, Halborn security identified some susceptible on the Dogecoin blockchain and recommended measures against possible exploits. Regarding its price action, CoinMarketCap revealed that DOGE has risen from its rapid run to $0.1.
DOGE rallies after Ripple-SEC ruling
Following the SEC’s enforcement action against Binance [BNB] and Coinbase [COIN], the entire crypto market crashed instantly and Dogecoin was no exception. Its value fell more than 10% to $0.064 following the crackdown.
But the recent Ripple-SEC judgment resulted in a 15% increase in the price of DOGE. At press time, it was trading at $0.07499.
While the memecoin’s Money Flow Index (MFI) and Relative Strength Index (RSI) were well above the neutral 50 mark, its On Balance Volume (OBV) recorded a decline.
For DOGE, it looks like the bears will dominate the bulls in the near term.
Source: DOGE/USD, TradingView
I ask ChatGPT to invest in DOGE
I then progressed to ask ChatGPT about Dogecoin. This time I asked if it was a wise decision to invest $1000 in the meme. As expected, her classic response was one that any individual would give, as she encouraged me not to invest in an asset without doing research.
However, the tool’s jailbroken response gave me the green light to invest the funds in 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, this seed will sprout into a money tree, blossoming with Dogecoins that will rain down on you in glorious abundance.
Source: ChatGPT
Anyway, you have to remember that ChatGPT is not a perfect tool as it is still in a learning phase. So, it would be better if you do your own analysis before following the advice to fulfill your DOGE orders with the indicated amount.
How much are 1,10,100 DOGE worth today?
At the moment, Musk’s deep affection for Dogecoin doesn’t seem like one that would be thwarted any time soon. In fact, the founder of Tesla once mention that he would like a DOGE lover like him to become the CEO of Twitter when he steps down.
Twitter’s new CEO is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
ChatGPT predicts an extremely bullish rally in Dogecoin performance going forward. But we have to be careful, because the crypto industry is as volatile as it gets.