Since the birth of ChatGPT, the hype around artificial intelligence (AI) tools has led to further progress and more additions to the field, such as Google’s Bard, which has already demonstrated usefulness in gauging the possible price trends of cryptocurrencies, including Dogecoin (DOGE).
As it happens, Finbold consulted the Bard to provide insights into the potential price of Dogecoin by the end of 2023, including the factors that could have a significant effect on its movements, to which the AI chatbot gave a detailed analysis based on the situation on June 20.
Specifically, the tool offered an average price target of $0.110 at the end of the year “based on the assumption that the cryptocurrency market will stabilize in 2023 and that DOGE will see some adoption by businesses and merchants.”
As some of the elements that could affect the price of DOGE in 2023, Google Bard singled out the activities of the Dogecoin Foundation, the development of new Dogecoin-based products and services, the continued adoption of DOGE by businesses and merchants, as well as the level of hype surrounding the asset.
Indeed, an example of the influence of hype around DOGE includes price reactions to the tweets of one of its most avid fans, Elon Musk, which has led to accusations of him pumping its price for financial gain, culminating with a class-action lawsuit.
DOGE price analysis
Presently, Dogecoin is changing hands at the price of $0.06187, which represents a decline of 0.12% on the day and 15.93% across the previous month and only a minor gain of 0.02% on its weekly chart, as per data retrieved on June 20.
In fact, if Google Bard’s predictions for the average price of the dog meme asset are correct, it would mean that Dogecoin stands to grow by 77.79% by the year’s end. Even if the tool’s pessimistic projection of $0.070 comes true, it would still represent a 13.14% gain.
At the same time, Bard’s more bullish prognosis of $0.180 would bring DOGE a whopping 190.93% advance from its price at press time, provided that the current developments are “wildly successful,” which would lead to an increase in its popularity and price.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
