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Home»ALTCOIN NEWS»Will the ADA price reach $1 in 2024? Here are ChatGPT’s predictions:
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Will the ADA price reach $1 in 2024? Here are ChatGPT’s predictions:

By Crypto FlexsFebruary 4, 20246 Mins Read
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Will the ADA price reach  in 2024?  Here are ChatGPT’s predictions:
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Disclaimer: 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) holders felt some relief during the final week of trading as the price improved slightly.

The coin was trading at $0.5034 at press time, and enthusiasts may be expecting even bigger gains in the coming days.

Recently, Cardano co-founder Charles Hoskinson predicted that 2024 will be a year of massive expansion for the network ecosystem.

In a recent community broadcast, Hoskinson said 2024 will be a year of growth, highlighting the development roadmap, integrations and strategies that will be implemented.

In his community broadcast, Hoskinson proposes a society where basic values, including deflationary measures, determinism, and comprehensive responsibility, are institutionalized, preserved, and protected, and cannot be modified until the majority agrees otherwise.

He argued that combining these three ideas would bring the ecosystem higher in line with previous advances made during bear markets.

Growth, Strategy & Electrical Capital https://t.co/gB2LfkPtP5

— Charles Hoskinson (@IOHK_Charles) January 20, 2024

He emphasized that the implementation of Voltaire is critical to the platform roadmap.

This upgrade will usher in a new era of self-reliance for the Cardano (ADA) ecosystem by establishing a treasury system that allows users to stake and vote for the future of the network.

The three pillars of Voltaire’s era centered around the democratic dilemma of allowing people to modify things through on-chain governance structures.

The second concept revolved around network institutions such as the Cardano Foundation, which Hoskinson argued would be fully enabled and certified through democratic permission.

Finally, Hoskinson explains that the third pillar of the Voltaire Update is constitutional language to protect the fundamental rights of the community.

There is coin 101

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.

ChatGPT’s take on the SEC verdict

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.

chatgpt is there

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.

Bot 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 the future of ADA

I asked ChatGPT what they expect the price of Cardano to be by the end of 2024.

chatgpt is therechatgpt is there

Source: ChatGPT

The bot claimed that ADA is poised to become one of the top-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.

chatgpt is therechatgpt is there

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 one 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.

chatgpt is therechatgpt is there

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 changes

Source: TradingView

ADA is trading at $0.5034 at the time of writing, with a price increase of 2.14% over the past 7 days.

The parabolic SAR is seen forming a dotted line below the price action, suggesting a buy signal and a potential move on an upward trajectory.

This sentiment was also reflected in Chaikin Money Flow (CMF), which showed a positive reading of 0.02.

Overall, there is potential for an upward move in the market if the current price movements continue.

last words

Cardano followed Bitcoin’s movements last week and showed a slight upward trend. Things are looking good for the coin in terms of development as well, with activity increasing over the past seven days.

ChatGPT is a tool that many traders use to help them make better investment decisions, but we recommend that you do not take the predictions at face value and do more research before investing.

Next: We asked ChatGPT about DOGE’s price prediction and the AI ​​bot said…

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