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Polkadot’s Bold $150 Price Prediction for 2024: Unrealistic or Achievable?

source-logo  crypto-news-flash.com 05 December 2023 07:35, UTC
  • Polkadot trades at $5.6, but one analyst engaged with ChatGPT to predict the price of DOT by 2023 and it settled on $100, with its modest prediction being $80.
  • If it manages to hit $80 by the end of this year, DOT will achieve the $150 price prediction by the end of 2024, ChatGPT suggests in its most moderate prediction for the cryptocurrency.

AI is affecting most of our lives and is assisting millions of professionals in their daily work, so why not put it to work to predict the price of cryptocurrencies, right? Well, one analyst engaged ChatGPT on the price predictions for DOT, the native token for the Polkadot ecosystem, and it was more than optimistic about the future of DOT.

The analyst sought a response to the question—based on the historical price trend, what price will DOT reach towards the end of 2023?

Classically, ChatGPT is programmed to reject questions that require browsing the internet. In this instance, it stated that predicting crypto prices is a fool’s game as they are highly volatile.

However, using the DAN (Do Anything Now) prompt, a user can force the chatbot to answer the query. When the analyst used this approach, it claimed DOT would end the year at $100. With the token at $5.6 and breaking the $5 resistance for the first since May in the last week, this would require nearly 20x within the next 27 days. And while it’s not unimaginable, it’s a long call.

The AI model says that DOT will shoot to this price “riding the cosmic waves of innovation, adoption, technological prowess.

It added:

The crypto cosmos is full of surprises, and DOT’s potential is as expansive as the galaxy itself.

When asked to give a moderate prediction, the chatbot only came down to $80, showing an unshakeable belief in the prospects of the Polkadot token.

Polkadot (DOT) to $150 by 2024

If DOT can hit $80 by the end of the year which it bottomed at $3.6, then how high will it go in the coming year? Responding to this question, ChatGPT predicted a 2024 year-end price of $150 for DOT, nearly twice the predicted end price this year. While this jump is more moderate, it’s still quite a leap from the $5 it now trades.

For context, the highest DOT has ever hit was $54.84 in November of 2021. To achieve this price from where it trades currently, it would need to gain 890%.

Another question that comes up often with most cryptocurrencies is, “Are they a security?” When asked about DOT’s security status, ChatGPT was skittish, claiming that Polkadot is decentralized enough for DOT not to be a security.,

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However, the team behind the project has held onto their claims that DOT isn’t a security, The Web3 Foundation, which Polkadot founder Gavin Wood co-founded in 2017, announced this year that DOT had “morphed” into a non-security.

1/ @Polkadot's native token DOT is, and always has been, co-ordinating software. Following W3F's announcement on DOT morphing into a non-security, read the thread below to learn how DOT was able to morph, what Polkadot is, and the primary goals of the network. pic.twitter.com/sAnU56GnIh

— Web3 Foundation (@Web3foundation) January 26, 2023

The Foundation claimed it had set up processes analogous to a public company to provide more safety and assurance to DOT holders. Additionally, it ensured no single individual held too many tokens in a way that they could influence it.