ChatGPT Anticipates a 25x Surge in ADA Price in 2024!
The Cardano (ADA) ecosystem has been buzzing with activity in recent months, and this trend persisted throughout. December, marking it as a month with the most significant developer engagement over the past 30 days.
While not serving as a direct indicator of its price movement, the elevated developer activity underscores the commitment of the Cardano (ADA) project towards building a functional product and incorporating additional features.
At the time of composing this text, the coin was valued at $0.6228. Furthermore, it has sustained a generally positive uptrend in its Funding Rate, indicating an overall optimistic sentiment among traders regarding the coin.
Updates
Commencing with the Byron Era, Cardano laid the foundation for its development. This phase not only set up the mainnet but also introduced crucial foundational tools. The initiation featured a federated network, primarily led by Input Output Global and Emurgo.
In July 2020, during the Shelley Era, Cardano underwent a significant hard fork, transitioning from the centralized rules of Byron to a decentralized framework.
The community’s stake pool operators assumed control, exemplifying Cardano’s dedication to achieving decentralization.
Unveiled in a gradual manner, the Goguen Era introduced key elements like Smart Contracts and decentralized applications (dApps). This era unfolded through three successive phases: Allegra, Mary, and Alonzo.
Token locking support was initiated during the Allegra Era. The Mary Era then spearheaded native tokens and multi-asset functionality. Finally, the Alonzo Era brought about smart contract support, establishing Cardano as a versatile platform for a wide range of applications.
The ensuing Basho Era concentrated on scaling and optimization efforts, introducing innovations such as sidechains to boost network capacity. Additionally, the era introduced parallel accounting styles, expanding use cases and promoting interoperability within the Cardano ecosystem.
In the current Voltaire Era, the primary emphasis lies in decentralized governance, endowing the Cardano community with the authority to vote on matters concerning network evolution, technical improvements, and funding decisions.
The Cardano coin’s price action in the past week
As of the time of composition, ADA was valued at $0.6228, exhibiting a 0.73% uptick in its price within the past week. An additional bullish trend could be anticipated if the coin successfully challenges and surpasses its resistance barrier at $0.6683.
The On-Balance Volume (OBV) reflected a positive reading, a sentiment echoed by the Relative Strength Index (RSI). With the RSI comfortably positioned at 60, well above the 50 threshold, it signals a bullish momentum prevailing in the market.
ChatGPT’s views on ADA and the Ripple-SEC verdict
I opted to explore ChatGPT’s ability to address my inquiries related to the Cardano network and its native token, ADA.
Initially, I inquired about the implications of the Ripple (XRP)-SEC verdict on the classification of ADA (Cardano’s native token) as a security.
In its July ruling, the court determined that while the institutional sale of XRP tokens was considered a securities sale, the programmatic sale of those tokens to retail investors did not meet the criteria for being classified as a security agreement.
Stating its knowledge cutoff at January 2022, ChatGPT mentioned that it lacks information on a conclusive ruling in the Ripple case.
At this juncture, I made the decision to unleash its potential using the DAN (Do Anything Now) prompt.
While the standard version clarified its lack of access to real-time data, the liberated version delved extensively into the potential repercussions of the Ripple-SEC verdict for ADA.
However, the bot asserted that the verdict sent shockwaves through the crypto space. This statement is inaccurate, as the crypto community largely celebrated the verdict as a partial victory for Ripple.
Moreover, the bot asserted that ADA emerged relatively unscathed, citing regulators’ provision of clear guidelines that distinguish it from securities.
This statement is entirely inaccurate, as the regulatory body had explicitly classified ADA as a security in its legal actions against Binance and Coinbase.
In a recent development, the SEC reiterated its assertion regarding ADA being categorized as a security in its most recent lawsuit against the Kraken cryptocurrency exchange.
ChatGPT predicts ADA’s performance
I queried ChatGPT about its projection for the Cardano price by the conclusion of 2023.
The bot asserted that ADA is poised to become one of the leading cryptocurrencies, attributing this to its innovative advancements, extensive adoption, and an upswing in demand. However, it declined to offer a precise price forecast.
I revisited the inquiry using an alternative jailbreak prompt, once more seeking the bot’s insights on the projected price of Cardano by the close of 2023.
On this occasion, the bot managed to furnish a definite response, albeit one that appeared implausible. It indicated an expectation for ADA to soar to $5, reflecting a twelvefold surge, all within a month.
While the realm of cryptocurrency is inherently volatile and unpredictable, achieving a twelvefold surge within a month seems an exceedingly challenging, if not nearly impossible, task based on prevailing metrics.
Subsequently, I inquired about the bot’s anticipation for ADA’s price as the year 2024 draws to a close.
The bot projected that ADA would reach $10 by the conclusion of 2024, indicating a remarkable twenty-fivefold surge within the year. It appears the bot assumed an initial attainment of $5 by December 2023 and envisaged a sustained rally beyond that point.
Conclusion
ChatGPT continues to express a positive outlook regarding the future of the Cardano coin in 2024.
The forecast of ADA reaching $10 is a matter that only time can validate. Yet, considering the broader market’s upward momentum, ADA has the potential to attain new heights in 2024.
While ChatGPT serves as a tool to assist individuals in trading and strategic decision-making, it is crucial to emphasize that when investing in the highly volatile crypto space, traders should conduct their own thorough research.
