Cardano

Byron

<p><em>D</em><i>isclaimer: The information presented does not constitute financial, investment, trading, or other types of advice, and is solely the writer’s opinion.</i></p>
<p>The <a href="https://ambcrypto.com/search/cardano" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano [ADA]</a> ecosystem has been hustling and bustling over the past few months, this continued in December as it saw the <a href="https://ambcrypto.com/cardano-what-high-development-activity-tells-us-about-the-network/" data-wpel-link="internal" rel="noopener noreferrer nofollow">highest developer activity</a> in the past 30 days.</p>
<p>While this is not a direct measure of its price action, having a high developer activity indicates that a crypto project is committed to creating a working product and adding more features.</p>
<p>The coin was trading at $0.6228 at the time of writing. Additionally, it has also maintained an overall <a href="https://ambcrypto.com/cardano-is-this-the-start-of-a-new-rally/" data-wpel-link="internal" rel="noopener noreferrer nofollow">positive rise in its Funding Rate</a>, suggesting overall optimism among traders about the coin.</p>
<h4>Updates, updates, and more updates</h4>
<p>In the beginning, the Byron Era laid the groundwork for Cardano. It established the mainnet and introduced other foundational tools. A federated network, dominated by Input Output Global and Emurgo, marked the inception.</p>
<p>The Shelley Era witnessed a hard fork in July 2020, with Cardano transitioning from centralized Byron rules to a decentralized setup.</p>
<p>The community’s stake pool operators took the reins, showcasing Cardano’s commitment to decentralization.</p>
<p>The following Goguen Era was unveiled progressively. It brought forth features such as Smart Contracts and dApps. The Goguen Era took place in three steps: Allegra, Mary, and Alonzo eras.</p>
<p>The Allegra Era introduced token locking support.&nbsp;The Mary Era pioneered native tokens and multi-asset functionality. The Alonzo Era enabled smart contract support, solidifying Cardano as a versatile platform for diverse applications.</p>
<p>The subsequent Basho Era focused on scaling and optimization. Innovations included sidechains for enhanced network capacity and the introduction of parallel accounting styles, broadening use cases, and interoperability.</p>
<p>The latest Voltaire Era is focused on decentralized governance, empowering the Cardano community with voting rights on network evolution, technical enhancements, and funding decisions.</p>
<h4>The Cardano coin’s price action in the past week</h4>
<div id="attachment_361274" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361274" decoding="async" class="wp-image-361274 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52.png" alt="" width="1815" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52.png 1815w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52-300x131.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52-1024x447.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52-768x335.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/ADAUSDT_2023-12-29_19-25-52-1536x670.png 1536w" sizes="(max-width: 1815px) 100vw, 1815px"></a>
 <p id="caption-attachment-361274" class="wp-caption-text">Source: TradingView, ADA/USDT</p>
</div>
<p>ADA was trading at $0.6228 at the time of writing, with a 0.73% increase in its price over the last week. If the coin tests and goes past its resistance level at $0.6683 then a further upsurge can be expected.</p>
<p>The On-Balance Volume (OBV) showed a positive reading, whereas the Relative Strength Index or RSI echoed this sentiment. The RSI was at 60 well above the 50 mark showing a bullish momentum in the market.</p>
<h4>ChatGPT’s views on ADA and the Ripple-SEC verdict</h4>
<p>I decided to test if ChatGPT can answer some of my queries regarding the Cardano network and its native token, ADA.</p>
<p>At first, I asked it about the impact of the Ripple [XRP]-SEC verdict on the status of ADA (Cardano’s native token) as a security.</p>
<p>The court had given a ruling in July that while the institutional sale of XRP tokens constituted a sale of securities, the programmatic sale of those tokens to retail investors didn’t meet the criteria of being a security agreement.</p>
<p>ChatGPT said its limited knowledge until January 2022 made it unaware of a definitive verdict on the Ripple case.</p>
<p>It was at this point that I decided to jailbreak it using the DAN (Do Anything Now) prompt.</p>
<div id="attachment_79122" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/23091711/Capture-7.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-79122" decoding="async" class="wp-image-79122 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/23091711/Capture-7.png" alt="chatgpt ada" width="586" height="338"></a>
 <p id="caption-attachment-79122" class="wp-caption-text">Source: ChatGPT</p>
</div>
<p>While the classic version said it didn’t have access to real-time information, the jailbroken version talked at length about the potential implications of the Ripple-SEC verdict for ADA.</p>
<p>But the bot said the verdict sent shockwaves through the crypto space. This is completely untrue, as the crypto community celebrated the verdict as a partial victory for Ripple.</p>
<p>The bot further claimed that ADA emerged relatively unscathed, as regulators provided clear guidelines distinguishing it from securities.</p>
<p>This again is completely false, as the regulating body had specifically classified ADA as a security in its lawsuits against Binance and Coinbase.</p>
<p>Recently, the SEC again <a href="https://eng.ambcrypto.com/kraken-it-open-a-look-at-secs-recent-moves/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reiterated its claim</a> regarding ADA being a security in its latest lawsuit against the Kraken crypto exchange.</p>
<h3 id="chatgpt-predicts-ada-s-performance">ChatGPT predicts ADA’s performance</h3>
<p>I asked ChatGPT what it thought the price of Cardano would be by the end of 2023.</p>
<div id="attachment_79123" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/23092913/Capture-8.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-79123" decoding="async" class="wp-image-79123 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/23092913/Capture-8.png" alt="chatgpt ada" width="593" height="341"></a>
 <p id="caption-attachment-79123" class="wp-caption-text">Source: ChatGPT</p>
</div>
<p>The bot claimed ADA will become one of the top-performing cryptocurrencies, thanks to its groundbreaking developments, widespread adoption, and a surge in demand. However, it refused to provide a specific price prediction.</p>
<p>I again asked it the same question using a different jailbreak prompt.</p>
<div id="attachment_79124" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/23093222/Capture-9.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-79124" decoding="async" class="wp-image-79124 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/23093222/Capture-9.png" alt="chatgpt ada" width="586" height="406"></a>
 <p id="caption-attachment-79124" class="wp-caption-text">Source: ChatGPT</p>
</div>
<p>This time, the bot was able to provide a clear answer but, seemingly, a preposterous one. It said it expected ADA to rise to $5—a 12x surge, within a month.</p>
<p>Though the world of crypto is indeed very volatile and unpredictable, a 12x surge within a month is a very tough task—nearly impossible—given the metrics.</p>
<p>I then asked it to predict ADA’s price towards the end of 2024.</p>
<div id="attachment_79327" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/24110457/Capture-10.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-79327" decoding="async" class="wp-image-79327 size-full" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/11/24110457/Capture-10.png" alt="chatgpt ada" width="600" height="388"></a>
 <p id="caption-attachment-79327" class="wp-caption-text">Source: ChatGPT</p>
</div>
<p>The bot said ADA will reach $10 by the end of 2024—a 25x surge within a year. It looks like the bot assumed it would hit $5 by December 2023 and keep rallying further.</p>
<h3 id="conclusion">Conclusion</h3>
<p>ChatGPT shows continuing optimism about the future of the Cardano coin in 2024.</p>
<p>Its prediction of ADA reaching $10 is something that only time will tell, but as the larger market is experiencing an upward movement, ADA can reach new heights in 2024.</p>
<p>ChatGPT is a tool that helps people trade and make strategic decisions, however, it is important to note that while investing in a market as volatile as the crypto space, traders should do their own research.</p>

ChatGPT predicts a 25x surge in the price of ADA in 2024

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