Google Bard, a generative AI tool offered by Alphabet’s Google, has analyzed the potential price increase of Dogecoin (DOGE) if Tesla CEO Elon Musk fulfills his plans of introducing payments to his rebranded X platform (formerly known as Twitter). The AI tool highlighted various factors that could contribute to a rise in DOGE’s price.
According to Bard, Musk’s previous posts about the cryptocurrency have often preceded price increases, suggesting that his support could have a positive effect on DOGE’s value. Additionally, the integration of DOGE payments with X would expose the digital currency to a larger audience, potentially increasing demand and subsequently driving up its price. Moreover, the ease of using DOGE for transactions on the platform would enhance its utility and further impact its price positively.
However, Bard also acknowledged some limiting factors that could affect DOGE’s upside potential. Market volatility within the crypto industry and the emergence of strong competitors aiming to become the “currency of the internet” could potentially overshadow the impact of payment integration.
Bard proposed several price targets if DOGE payments are integrated with X. The conservative estimate is $0.10, representing a 1,000% increase from its current price. The more bullish target is $0.25, indicating a 2,500% gain, while the most optimistic projection is $0.50, equivalent to a 5,000% price advance.
As of the latest available information on August 1, DOGE was trading at $0.7677, reporting a decline of 3.58% in the last 24 hours. Despite this recent drop, DOGE has still achieved a monthly gain of 14.04%.
Musk’s plan to transform Twitter into an all-encompassing app that includes messaging, payments, and commerce has the potential to positively impact DOGE. However, it is important to note that the analysis provided by Bard is not investment advice, and investing in cryptocurrencies always carries inherent risks.
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