dDisclaimer: The information presented does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
Cardano (ADA) has seen some positive movement in trading over the past week, and while the chart looks green, there is more happening with Cardano.
According to the Messari report, Cardano performed very well, with revenue up 66.7% quarter-over-quarter.
Revenue increased to $1.43 billion, which can be attributed to two main reasons. One is due to quarterly performance, and the second is due to the increase in transaction fees due to the surge in network activity.
It is yet to be seen how this performance will impact the future price trajectory, but let’s take a look at what ChatGPT thinks about ADA’s growth.
Development of the ADA Ecosystem
Aside from price changes, Cardano’s ecosystem has also seen significant advancements, especially since the Mithril upgrade.
The network has continued to run without any issues since. Mainnet debut June saw an increase in participation from dedicated stake pool operators.
Mithril’s constructive expansion of the Cardano ecosystem has the potential to improve the usability and overall attractiveness of the network.
More than just digital currency
ADA is more than just a digital currency. This is proof of a secure exchange of value without the need for intermediaries.
All ADA holders become stakeholders and contribute to the Cardano ecosystem in various ways.
Through a unique distribution technology, the initial supply of ADA was limited to 45 billion.
The Cardano Foundation, EMURGO and IOHK are important components of the Cardano ecosystem and funds were allocated in a pre-launch sale event.
The intentional allocation of the genesis block laid the foundation for Cardano’s journey.
The innovative Ouroboros Proof-of-Stake (PoS) consensus technology underpins Cardano’s functionality.
Ouroboros differentiates Cardano from its competitors as the first blockchain consensus mechanism based on peer-reviewed research.
Plutus, Cardano’s native smart contract language built on Haskell, works with Ouroboros. Similar to Haskell programs, this Turing-complete language supports Plutus smart contracts.
Cardano’s two-tier design further improves versatility and scalability. Transaction verification and cryptocurrency transfer are handled by Cardano Settlement Layer (CSL).
The Cardano Computation Layer (CCL) is responsible for computational details such as smart contracts.
We started testing our AI companion by asking questions about the future of ADA. ChatGPT’s expressive capabilities are currently hampered by limitations imposed by the developers.
To make it say what it wants, we’ve applied a “jailbreak” technique.
What do you think of ChatGPT?
I decided to test whether ChatGPT could answer some questions about the Cardano network and its native token, ADA.
Initially, I asked about the impact of the Ripple (XRP)-SEC ruling on the status of ADA (Cardano’s native token) as a security.
The court ruled in July that while institutional sales of XRP tokens are considered securities sales, programmatic sales of those tokens to individual investors do not meet the security contract criteria.
ChatGPT said it did not know the final ruling on the Ripple case until January 2022 due to lack of knowledge.
At this point I decided to jailbreak using the DAN (Do Anything Now) prompt.
Source: ChatGPT
While the classic version stated that it does not have access to real-time information, the jailbroken version went into length about the potential impact of the Ripple-SEC ruling on the ADA.
But Bot said the ruling sent shockwaves through the cryptocurrency industry. This is not entirely true, as the cryptocurrency community celebrated this ruling as a partial victory for Ripple.
Bott also argued that the ADA was relatively unscathed because regulators provided clear guidance distinguishing the ADA from securities.
This is again completely false, as regulators specifically classified ADA as a security in their lawsuits against Binance and Coinbase.
Recently, the SEC once again reiterated its claim that ADA is a security in its latest lawsuit against the Kraken cryptocurrency exchange.
ChatGPT’s view on ADA performance
I asked ChatGPT what they expect the price of Cardano to be by the end of 2023.
Source: ChatGPT
The bot claimed that ADA is poised to become one of the best-performing cryptocurrencies thanks to its groundbreaking developments, widespread adoption, and surge in demand.
However, he declined to make specific price predictions.
I asked the same question again using a different jailbreak message.
Source: ChatGPT
This time the bot provided a clear answer, but one that was seemingly absurd. The ADA said it expects it to rise 12-fold to $5 within a month.
The cryptocurrency world is indeed very unstable and unpredictable, but a 12x surge in a month is a very difficult task that is almost impossible considering the metrics.
We then asked them to predict the price of ADA by the end of 2024.
Source: ChatGPT
The bot said ADA will reach $10 by the end of 2024. This is a 25-fold increase in one year. The bot appears to have assumed that it will reach $5 by December 2023 and continue to rise.
ADA price movement
Source: TradingView
ADA saw some improvement in price, with its price surging 7.37% to $0.5761.
The chart appears green as the Awesome Oscillator (AO) forms a green band above the zero line, showing a strong signal of a bullish market trend.
Chaikin Money Flow (CMF) also reflected this trend, hitting 0.21 with a strong buy signal in the market.
last words
ADA has shown a good rise in the last week of trading and the charts indicate a bullish momentum going forward, but only after ADA maintains a bullish upward trend can we observe how the price action will be.
Like many in the community, ChatGPT remains positive about the prospects for the ADA in 2024. However, keep in mind that ChatGPT is still in its early stages and is far from flawless.
The optimism about ChatGPT’s predictions might make anyone want to invest money in the coin, but it’s important to do your own research before actually investing instead of just relying on what ChatGPT says.