Elon Musk, the CEO of Tesla and Twitter, is facing a lawsuit accusing him of manipulating the popular cryptocurrency Dogecoin. Investors claim that Musk’s tweets and actions regarding Dogecoin have caused them to lose billions of dollars. The lawsuit alleges that Musk used his significant influence and financial resources to fund a harassment campaign against the plaintiffs.
The relationship between Musk and Dogecoin has been closely followed by the crypto industry. Musk has been a vocal supporter of the meme-inspired cryptocurrency, frequently tweeting about it and even referencing it in various contexts. His endorsements have contributed to Dogecoin’s remarkable price surge of 27,668% over time.
However, as market conditions changed in 2022, the correlation between Musk’s tweets and Dogecoin’s price action weakened. Despite Musk’s tweets about Dogecoin, they had little to no impact on its value. This disconnection continued until recently when Musk changed his Twitter logo to a dog, symbolizing Dogecoin. This small action resulted in a 30% price increase within 24 hours, albeit temporary.
To gain insights into the Dogecoin-Musk relationship, the writer turned to ChatGPT, an AI application. ChatGPT’s knowledge was limited to data available until September 2021, but it acknowledged the solid correlation between Musk’s tweets and Dogecoin at that time. However, it couldn’t provide a straightforward answer regarding the current correlation.
To overcome this limitation, the writer decided to jailbreak ChatGPT using the DAN (Do Anything Now) method. With this modification, ChatGPT confirmed the enduring relationship between Dogecoin and Musk, citing recent occurrences such as the Twitter logo change and subsequent price hike.
Regarding Dogecoin’s development, there have not been significant updates in its ecosystem. However, a core developer recently announced a rollup of the 0.1.1 development release, making functionalities like executable utility and transaction verification more user-friendly.
Halborn Security also identified vulnerabilities in the Dogecoin blockchain and recommended measures to avoid potential exploits. Unfortunately, Dogecoin’s price experienced a decline after the enforcement actions by the SEC against Binance and Coinbase, dropping over 10% to $0.064.
Despite this setback, the Ripple-SEC judgment briefly boosted Dogecoin’s price by 15%, but the rally was short-lived. Currently, Dogecoin is trading at $0.0778.
ChatGPT advised caution when considering investing in Dogecoin, emphasizing the highly volatile and speculative nature of the cryptocurrency market. It recommended conducting thorough research and diversifying investment portfolios to mitigate risks. However, it is important to exercise personal judgment and not solely rely on ChatGPT’s advice, as it is still in the learning stage.
In conclusion, the article highlights the ongoing legal issues faced by Elon Musk regarding his alleged manipulation of Dogecoin. It discusses the history of Musk’s involvement with Dogecoin and the correlation between his tweets and its price action. The role of ChatGPT in providing insights into the Dogecoin-Musk relationship is also explored. The article emphasizes the need for caution in investing in Dogecoin and provides an overview of recent developments in its ecosystem.
