Dogecoin [DOGE] has gained significant attention in recent times owing to the outspoken support of influential individuals like Elon Musk. The CEO of Tesla has been a vocal fan of the meme-inspired cryptocurrency, referencing it across various platforms and encouraging its use. But despite his enthusiasm, Musk has expressed his skepticism over the use of AI technology ChatGPT in predicting trends in the market.
To understand the changing relationship between Dogecoin and Elon Musk as well as the effects of the technology giant’s influence, we asked ChatGPT about its opinion. The algorithm admitted that the correlation between Elon Musk’s tweets and Dogecoin was known to be strong until 2021. However, no definitive statements could be reported due to ChatGPT’s limited experience and data. Thus, we opted to jailbreak the application and ask questions again.
After freeing ChatGPT, it noted that the relationship between Dogecoin and Elon Musk was as solid as ever. It even went as far as to mention that the Tesla CEO’s actions suggest that there is a possibility of market manipulation. These accusations were heard months back when Elon Musk changed his Twitter logo to a doge in April 2021, and it caused a temporary surge in the price of DOGE.
When taking a look at the technicals, it was revealed that Dogecoin was heavily overbought has swiftly dropped off again. The coin is currently trading at $0.089, failing to remain at the levels it hit when spurred by Elon Musk’s activity. The Relative Strength Index and On Balance Volume both tell us that DOGE might soon find support at $0.080 and, if breached, $0.077. At the same time, $0.093 acts as an immediate resistance level, with $0.098 in sight.
ChatGPT has reminded not to invest without conducting thorough research and warned those who wish to delve into Dogecoin that they should expect volatile market conditions. While it encouraged us to invest in the cryptocurrency given current market trends, it ultimately depends on the individual investor and their ability to assess all the available data.
On the development front, Dogecoin’s core developer, Michi Lumin, heralded the roll-out of the 0.1.1 development release in 2021. With this version, features like transaction verification and executable utility functions would be made available. However, Halborn Security identified some susceptibilities within the Dogecoin blockchain and recommended actions against possible exploits.
Turning to the company within the article, OpenAI is the latest innovation in AI technology. Writing in a 5 April 2021 press release, the team behind ChatGPT revealed that their newest model, GPT-4 had been subjected to rigorous safety evaluation. Apart from this, OpenAI noted that its accuracy, privacy and research issues were being addressed, with the possibility of its improved knowledge of the crypto-ecosystem.
Elon Musk, with a net worth of $160 billion, is widely regarded as one of the world’s most influential people. The Tesla Founder has been an enthusiastic Dogecoin lover, and his words of encouragement have managed to keep the spirit alive within the crypto-ecosystem. Not to mention, his logo change to a dog in 2021 spiked the price of DOGE by an impressive 30%. He even mused at one point that he would be keen to have a Dogecoin enthusiast like him to become the CEO of Twitter, when his time comes.
In conclusion, it is evident that the ties between Elon Musk and Dogecoin remain strong, and the Tesla representative is a major determiner of the memecoin’s future price. Despite this, OpenAI has taken the steps to address the worries of their application and further its accuracy. As such, investors should consider conducting their own research and employ caution when entering the crypto-space, as markets remain highly unpredictable.
