Dogecoin (DOGE) has gained immense popularity in recent years, partly due to the vocal support of influential figures like Elon Musk. The Tesla CEO has been a strong advocate of the meme-inspired cryptocurrency, tweeting about it frequently and mentioning it at any given opportunity.
However, investors recently proposed a class action lawsuit against Musk, accusing him of insider trading and manipulating DOGE, leading to a loss of billions of dollars. Allegedly, Musk used Twitter posts, paid online influencers, and his appearance on NBC’s Saturday Night Live to profitably trade DOGE, with no regard for the investors’ loss.
Despite Musk’s enthusiastic support for DOGE, he has not expressed the same feeling towards ChatGPT, the trending AI application. In fact, on many occasions, Musk has expressed skepticism over the long-term prospects and dangers of using the tool.
Given Musk’s immense influence as one of the world’s richest men, he has played a significant role in shaping DOGE’s development and has had a hand in its 27,668% all-time hike.
However, in 2022, as market conditions worsened, the correlation between DOGE and Musk weakened. Musk tweeted about DOGE on many occasions, but there was little to no effect on the price action. This means that the correlation between both decoupled until recently, when Musk changed the Twitter logo to a dog, representing DOGE. The action resulted in a 30% hike in less than 24 hours.
On further analysis of Dogecoin’s ecosystem and development, not much has been happening, aside from the core developer announcing a rollup of the 0.1.1 development release. With the new version 0.1.2, functionalities including executable utility and transaction verification would become easy for users.
Investing in DOGE for the long term is a wise decision, according to the human-like AI application ChatGPT. The cryptocurrency has a strong community of supporters, growing acceptance as a form of payment, and the backing of influential figures such as Elon Musk. However, it is important to conduct your research before taking any investment advice.
Elon Musk’s deep affection for DOGE remains unwavering, and OpenAI, the team behind ChatGPT, has addressed safety concerns raised about the platform. According to its 5 April press release, its latest model GPT-4 has been subjected to rigorous safety evaluation. It has been making progress in improving factual accuracy, research, and privacy concerns, which could also extend to its knowledge of the crypto-ecosystem.
