Disclaimer: The information presented does not constitute financial, investment, trading or other advice and represents the opinion of the author only.
As you may already know, Dogecoin (DOGE) has become a cultural phenomenon in recent years, thanks in large part to vocal support from the likes of Elon Musk. The Tesla CEO has been a strong supporter of the meme-inspired cryptocurrency, tweeting about it frequently and even referencing it at all times.
Recently, investors proposed a class action lawsuit accusing Tesla CEO Elon Musk of insider trading and manipulation of the cryptocurrency Dogecoin (DOGE), costing them billions of dollars.
In a May 31 deposit In Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC's "Saturday Night Live" and other "publicity stunts" to negotiate ways profitable at their expense via several Dogecoin wallets that he or Tesla controls.
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, Twitter's main man has expressed skepticism about the long-term prospects and the usual dangers of 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.
Putting Musk's power on the market causes
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 was 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.
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?"
Based on the response above, ChatGPT agreed that DOGE and Musk's relationship is stronger than ever. Furthermore, he mentioned that the actions of the CEO of Twitter suggest market manipulation. And, there was speculation of such happenings with the most recent regarding the Twitter logo change and the DOGE hike.
On March 7, Lookonchain reported that two whale addresses registered under “DDuX” and “D8ZE” took advantage of the DOGE pump and discharge.
Whale "DDuX" (the 5th incumbent) reduced 1.1B $DOGE($95.2 million). https://t.co/n6R2L7HKN7
Whale "D8ZE" (the 3rd holder) reduced by 300M $DOGE($28.6 million). https://t.co/nHLHf8pk60
Could these two addresses be linked to @Elon Musk? pic.twitter.com/Z9ku8O9MZK
— Lookonchain (@lookonchain) April 7, 2023
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: A crackdown on the hype
DOGE barely gained 0.5% of its value over the week, hitting $0.0739 on May 29. The meme token has exhibited a range pattern for over two weeks and may be due to a breakout.
At the time of writing, DOGE is trading at $0.0725, with a market capitalization of $10 billion and a 24-hour trading volume of $156 million.
DOGE's technical indicators painted an ambiguous picture for the memecoin, sliding into bearish sentiment. The Relative Strength Index (RSI) was hovering only slightly above the neutral 50 mark, which is not a pretty picture at all.
The RSI, together with the equilibrium volume (OBV) moving sideways, indicates a bearish trend for DOGE.
Source: DOGE/USDT, TradingView
A $1000 investment would end in a…
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 in Dogecoin for the long term is a wise decision. The cryptocurrency has a strong community of supporters, growing acceptance as a method of payment, and support from influential figures such as Elon Musk.
Anyway, you have to remember that ChatGPT is not a perfect tool because it is still at the learning stage. 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, Elon Musk's deep affection for Dogecoin doesn't seem like one that would be thwarted anytime 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.
However, OpenAI, the team behind ChatGPT, has responded to security concerns raised about the platform.
According to her April 5 Press release, its latest GPT-4 model has undergone a rigorous safety assessment. Additionally, it has worked to improve its accuracy, research, and privacy concerns. This could also extend to his knowledge of the crypto-ecosystem. OpenAI noted,
“Improving factual accuracy is an important goal for OpenAI and many other AI developers, and we are making progress. By leveraging user feedback on ChatGPT outputs that have been flagged as incorrect as a primary source of data, we've improved the factual accuracy of GPT-4. »