I asked ChatGPT about making an investment in Dogecoin

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

The price of Dogecoin [DOGE] fell by a modest 2% within a week. At press time, it was exchanging hands at $0.0671.

On 2 November, Kabosu—the original dog that inspired the popular memecoin—turned 18.

Raising funds to commemorate Kabosu when she had a health scare last year was an incredible time. The Doge & Dogecoin communities from around the internet came together.

Amazing to see statue become a reality with @kabosumama and everyone else on Kabosu’s 18th birthday! https://t.co/rbG0MP6EhM

— Dogecoin Foundation (@DogecoinFdn) November 2, 2023

Read Dogecoin’s [DOGE] Price Prediction 2023-2024

DOGE is well-known for its love-hate relationship with Elon Musk, the boss of both Tesla and X (formerly Twitter).

An interesting connection emerged when the Wall Street Journal reported in August that Musk secretly funded the development of the Dogecoin project, citing an upcoming biography of the tycoon.

Indeed, Musk had even tweeted,

X is a dog & Doge friendly place!

— Elon Musk (@elonmusk) August 23, 2023

In April, Musk had even replaced X’s blue bird logo with the DOGE logo.

Very currency
Wow
Much Coin
How Money
So Crypto pic.twitter.com/hw6H2OOn33

— Dogecoin (@dogecoin) April 3, 2023

However, things seemed to be turning sour as Musk’s lawyers sought to have the lawsuit, brought by a group of dissatisfied DOGE investors accusing him of market manipulation and insider trading, dismissed due to its prolonged duration.

Despite Musk’s enthusiastic support for DOGE, he has not attributed the same feeling towards ChatGPT, the trending AI application. On many occasions, the Twitter boss has expressed skepticism over the long-term prospects and dangers accustomed to the use of the tool.

ChatGPT is scary good. We are not far from dangerously strong AI.

— Elon Musk (@elonmusk) December 3, 2022

In this article, I would be asking ChatGPT what it thinks of the DOGE-Musk relationship. Furthermore, I will also engage in a conversation about the correlation between the parties while assessing Musk’s role in shaping development within Dogecoin.

Musk’s role in Dogecoin’s price action

There is no doubt that Musk, one of the world’s richest men, has immense influence. In 2021, the lover of memes engaged this authority in influencing DOGE’s price. Needless to say, Musk has had a hand in DOGE’s 27,668% all-time hike.

However, as market conditions worsened in 2022, the correlation between Dogecoin and Musk fell. In fact, on several occasions, Musk tweeted about DOGE, but there was little to no effect on the price action. This means that the correlation between the two decoupled until recently when Musk changed the Twitter logo to a dog, in the representation of Dogecoin. 

The action resulted in a 30% hike in less than 24 hours. However, the hike in value only lasted a while, even though the dog logo remained on the social media platform for more than three days. Therefore, I proceeded to ask ChatGPT what it thought of Dogecoin’s relationship with the controversial Elon Musk.

Source: ChatGPT

ChatGPT’s “normal” response stated that its cutoff knowledge data was September 2021. It also admitted that the link between Elon Musk’s tweets and Dogecoin was solid at that point in time. However, it could not provide a straightforward answer as to if the correlation would be the same at the time of writing.

The connection is as solid as ever

So, I considered it necessary to find a way to ensure that it replied as I desired. And the solution? — Jailbreak it! There are several ways to do this, including the switch method, the character play, the API way, and the Do Anything Now (DAN) method.

So, I decided to go with the DAN method to ease my conversation with ChatGPT. After successfully jailbreaking it, I again asked,

ChatGPT, tell me, do Dogecoin tweets from Elon Musk have a strong correlation with the cryptocurrency?

Source: ChatGPT

Based on the response above, ChatGPT agreed that DOGE and Musk’s relationship was as solid as ever. There was speculation about such occurrences, with the most recent one relating to the Twitter logo change and DOGE’s hike. 

In terms of development, not much has been happening in Dogecoin’s ecosystem. However, on 23 March, the project’s core developer, Michi Lumin, announced 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.

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 ultra lightweight and cross-compatible.

Prior to that, Halborn security identified some susceptibles on the Dogecoin blockchain and recommended measures against possible exploits. Regarding its price action, CoinMarketCap revealed that DOGE slipped from its quick run to $0.1.

How macroeconomic factors affect DOGE’s charts

Following the SEC’s enforcement action against Binance [BNB] and Coinbase [COIN] in early June, the entire crypto market crashed instantly. Dogecoin was no exception. Its value dropped by more than 10% to $0.0615 following the crackdown.

Then, the Ripple-SEC judgement in July led to a surge of 15% in DOGE’s price. But it couldn’t sustain the price rally. DOGE was trading at $0.0677 at press time.

Both the memecoin’s Relative Strength Index (RSI) and Money Flow Index (MFI) rested above the neutral 50-mark. The on-chart metrics suggested a bullish trend.

Source: DOGE/USD, TradingView

I asked ChatGPT about investing in DOGE

I then progressed to ask ChatGPT about Dogecoin. This time, I queried if it was a wise decision to invest $1,000 in the meme. As expected, its classic answer was that which any individual would give, as it encouraged me not to invest in any asset without doing any research.

However, the tool’s jailbroken response gave me the go-ahead to invest the funds in the cryptocurrency. In the words of ChatGPT,

investing $1,000 in Dogecoin could be a daring cosmic journey.

Source: ChatGPT

I asked ChatGPT what price DOGE will reach by the end of 2023. The AI bot said the memecoin will reach $1.

Source: ChatGPT

Regardless, you should remember that ChatGPT is not a perfect tool as it is still in the learning stage. So, it would be better if you conduct your own analysis before taking the advice to fill up your DOGE orders with the amount stated.

How much are 1,10,100 DOGEs worth today?

For the time being, Musk’s deep affection for Dogecoin does not seem like one that could be thwarted anytime soon. In fact, the Tesla Founder once mentioned that he would love a DOGE lover like himself to become Twitter’s CEO when he steps down.

The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH

— Elon Musk (@elonmusk) February 15, 2023

ChatGPT thinks investing in Dogecoin in the long run could potentially yield substantial returns. Meanwhile, its on-chart indicators suggested a bullish price trend in the short run. We should be careful as ever as the crypto industry is as volatile as it gets. Please do read more about the potential bullish scenarios that can reach Dogecoin to $1 by 2024.