As the hype around artificial intelligence (AI) revival continues, ignited by OpenAI releasing its text-based AI tool ChatGPT, other similar tools have risen to prominence, including Google Bard, a generative AI offering brought by Alphabet (NASDAQ: GOOGL), which has proven capable of analyzing cryptocurrencies like Dogecoin (DOGE).
With this in mind, Finbold has consulted Bard to offer insights on the future price of Dogecoin if one of its biggest supporters, Tesla (NASDAQ: TSLA) CEO Elon Musk fulfills his plans and introduces payments to his rebranded X platform, formerly known as Twitter, and the AI tool has delivered its projections as of August 1.
Contributing factors
Specifically, Bard offered a detailed analysis of the factors contributing to the potential price increase of DOGE should Musk, indeed, move to bring payments to X, including his previous posts on the crypto asset, which have often preceded a price increase.
Furthermore, X, as a large and popular platform, “would give DOGE a lot of exposure to new users,” which could lead to “an increase in demand for the cryptocurrency, which would also drive up the price.”
Finally, Bard highlighted the possible integration of DOGE payments with X, as allowing people to use the digital currency more easily when buying goods and services, which would help increase its utility and, as a consequence, its price.
On the other hand, the AI platform also listed some factors that could limit the upside for DOGE, such as the crypto market volatility, as well as the strengthening of competitors that are also aiming to become the “currency of the internet,” which could affect the price of DOGE despite possible payments integration.
Specific figures
In terms of precise numbers, Bard listed several potential price targets if X integrates payments, starting with $0.10 as a relatively conservative target, which would represent a 1,000% increase from its current price.
Its second suggestion was a more bullish target of $.025, which would indicate a 2,500% gain from its price at press time, whereas its most optimistic price target was $0.50, suggesting a price advance of 5,000% from its present situation.
DOGE price analysis
Meanwhile, DOGE was at press time trading at the price of $0.7677, representing a decline of 3.58% in the last 24 hours, as well as a drop of 1.40% across the previous seven days but still hanging onto a gain of 14.04% on its monthly chart, according to the latest information retrieved on August 1.
Indeed, Musk unveiled his plans for creating a better financial system by transforming Twitter into an ‘everything app’ that includes messaging, payments, and commerce, called ‘X,’ while a high-ranking employee reportedly said the platform was working on the software and regulatory checks that would allow payments, as Finbold reported on May 17.
Surely, the potential introduction of these features is bound to have a positive effect on DOGE, particularly in view of its previous price behavior following other meaningful developments around Twitter/X and Musk’s own social media posts.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
