Elon Musk’s influence on Dogecoin (DOGE) is undeniable. The Tesla CEO openly supports, promotes, and references the meme-inspired cryptocurrency on a regular basis. His most recent action being the change of the Twitter logo to a dog in the reference of Dogecoin. As one of the world’s richest men, Musk has tremendous influence and does not hold back on using it to influence the price action of DOGE, which recently had a 30% hike in less than 24 hours. To get the opinion of ChatGPT, the trending AI application, on the connection between Musk and DOGE, it was necessary to “jailbreak” this artificial intelligence to get the response desired. After doing so, the response was that the correlation was still strong, while also mentioning that there was speculation of possible market manipulation on the Musk’s part.
In terms of development on the Dogecoin blockchain, there have been improvements to its features and potential security risks have been monitored by Halborn security. As for the price action, CoinMarketCap revealed that DOGE has suffered a 5.5% decrease since the beginning of this week. Moreover, the target for a successful rally is $0.094 and a breach at this level would lead to a bullish market trend. The relative strength index (RSI) and the on balance volume (OBV) indicate that a positive outcome is the likely result.
When asked if one should invest $1,000 in DOGE, the ChatGPT opinion was that users should do their own research before investing in assets and not rely solely on its advice (in both the “normal” and jailbroken statements).
Dogecoin is an established cryptocurrency with a strong community of supporters, an increase in acceptance, and the support of influential figures like Elon Musk. It is important to do one’s own research before investing any amount and understand the risks involved.
OpenAI is the company behind ChatGPT and the latest model GPT-4 has been subject to many tests, with the priority being the safety of users and accuracy of knowledge. The team has been making significant improvements, and in the recent press release, assure that their AI is becoming better and better with user feedback.
It is clear that Elon Musk has been a huge influence on the success and popularity of Dogecoin. His tweets and other public endorsements of the coin have had an effect on its price action and acceptance. As long as he continues to actively engage with DOGE, it is likely that there will be positive outcomes. However, it is important to consider that his statements can send the market into extreme turbulence and should be taken with a grain of salt.
