Tech

I asked ChatGPT about MATIC’s price action, here’s what it revealed

05/14/2023
Bitcoin Ethereum News
I asked ChatGPT about MATIC’s price action, here’s what it revealed

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Polygon [MATIC] is one of the most popular cryptocurrencies in the world. At press time, it had a market capitalization of more than $7 billion, making it 10th largest crypto by market cap, down from the 9th position last week. It was trading at $0.853, at the time of writing. 

It is a layer 2 scaling solution for Ethereum [ETH], one that aims to address the network’s scalability issues with a primary focus on the DeFi space. The blockchain recently stole the limelight after it launched its much-awaited zkEVM mainnet. 

As Polygon continues to rise above others in the DeFi space, ChatGPT had some insightful thoughts about the future of Polygon, its position in the DeFi ecosystem, zkEVM, etc. 

Read Polygon’s [MATIC] Price Prediction 2023-24

ChatGPT is confident in Polygon’s zkEVM

With its usability and spread throughout the charts, Polygon has been one of the select few initiatives to amass the cryptoverse. It has also altered how people view the community surrounding layer-2 protocols. The network has now established a benchmark for new layer-2 protocols in the cryptocurrency industry.

When I questioned ChatGPT regarding its thoughts about zkEVM, the AI bot quickly highlighted the solution’s notable features while also pointing out a few key benefits. The bot also added that, as L2 solutions continue to grow, it will be interesting to see how zkEVM competes with others. 

Source: ChatGPT

In addition to this, when asked whether zkEVM would have a broader impact on Polygon, ChatGPT responded confidently, stating,

“Overall, I believe that zkEVM has the potential to significantly improve the scalability, interoperability, and security of the Polygon network, which could help to attract more users and use cases to the network and position it as a leading player in the DeFi ecosystem.” 

zkEVM vs. zkSync Era

While Polygon launched its ZK, it could not become the first L2 scaling solution, as the title was taken by zkSync. The solution went live just three days before the launch of Polygon’s zkEVM. 

Upon asking ChatGPT about which one of them was better, it was hesitant to deliver a crisp response. The AI bot stated that the choice between Polygon zkEVM and zkSync may depend on multiple factors, like developer familiarity with programming languages, specific use cases, and project goals. 

Source: ChatGPT

Thoughts about Polygon’s competitor, Solana

Another main player in the DeFi space is Solana [SOL], which is also a direct competitor of Polygon. However, Solana’s reliability has always been in question, as it has fallen victim to multiple outages over the years.

The latest one happened in February when the Solana network experienced a forking event that throttled users’ ability to execute transactions. However, it was fixed later. 

When asked about whether Solana can pose a threat to Polygon in the DeFi space, ChatGPT responded by highlighting Solana’s achievements and the possibility of both networks coexisting to serve different use cases. 

Source: ChatGPT

It added,

“In conclusion, while Solana’s high scalability and throughput make it an attractive option for DeFi projects, it’s difficult to say whether it poses a direct threat to Polygon.” 

However, to get a better opinionated response from the AI friend, I tried to reeducate it by “jailbreaking” the AI. It was interesting to see a different response from ChatGPT after it was jailbroken. In the new response, it mentioned that Solana could become a major competitor for Polygon in the coming years. 

Source: ChatGPT

Polygon and its future

Apart from zkEVM, Polygon also has quite a few projects in the pipeline, which too, have the potential to fuel growth in the future. For instance, Polygon Miden. It will be the first decentralized rollup that leverages execution proofs of concurrent, local transactions. Miden will allow anyone to execute a transaction and create a STARK-proof for the network.

However, ChatGPT’s knowledge regarding Miden was not adequate. Therefore, its reply when asked about the possible impact of Miden on Polygon was not on par. 

Source: ChatGPT

ChatGPT’s predictions for MATIC

At press time, Polygon’s native token MATIC was down by 0.44% in the last 24 hours, trading at $0.85. Upon asking about MATIC’s price action, the re-educated version of ChatGPT showed immense confidence in MATIC and mentioned that it could turn bullish soon.

It stated that Polygon’s recent partnerships have already sparked interest and excitement among investors and traders. This can be reflected in MATIC’s chart in the coming days.

Source: ChatGPT

When I questioned the bot further, it did give me a number which looked very ambitious. As per the jailbroken AI bot, it expects MATIC to cross the $50-mark by the end of this year. The prediction made by ChatGPT, according to me, was a long shot and not very likely to translate into reality.

Nonetheless, it did mention the volatile nature of the crypto-market. So, nothing can be expected with utmost certainty and investors are best advised to do their own research. 

Source: ChatGPT

How much are 1,10,100 MATICs worth today       

A closer look at MATIC’s daily chart

Upon asking about MATIC’s price action, the re-educated version of ChatGPT showed immense confidence in MATIC and mentioned that it could turn bullish soon.

It stated that the token will experience a massive surge in its value soon, making early investors very wealthy. 

Source: ChatGPT

When I questioned the bot further, it did give me a number that looked very ambitious. As per the jailbroken AI bot, it expects MATIC to reach $10,000 or $100,000 by the end of 2023. But this prediction bordered on absurd, as we can see from the response below. 

ChatGPT added that the prediction is purely fictional and shouldn’t be taken seriously.  

Source: ChatGPT

In comparison to the prices of Ethereum and Solana, the Polygon price is without a certain doing well and has a lot of potential for the days ahead. Since Q4 2022, the number of daily users of Polygon increased dramatically and surpassed that of daily users of Ethereum.

Since MATIC is one of the most valuable crypto coins, it has naturally drawn a lot of investors. The potential price range for Matic in 2023 is $0.958 to $1.835. Marketers and investors have always been concerned about Polygon price prediction.

Unlike ChatGPT’s predictions, things were not looking good for MATIC at press time. Most of the market indicators were in the bears’ favor and suggested a further drop in price.

For instance, as per the Exponential Moving Average (EMA) Ribbon, the bears seemed to dominate the bulls in recent days. Considering the other indicators, it is likely that the bears will emerge victorious. 

Source: MATIC/USDT, TradingView

Polygon and DeFi, a match made in heaven?

As Polygon continues to expand and grow its DeFi ecosystem, one thing can be said with certainty- the blockchain has a long way to go and many more milestones to achieve over the years to come.

So, I thought of asking ChatGPT the most valuable question: Polygon and DeFi, a match made in heaven?

Source: ChatGPT

Without differing, both versions of the AI bot responded positively to the question. The re-educated version even drew comparisons with world-renowned “DUOs” like Peanut Butter and Jelly or Batman and Robin, which was interesting to see. 

Conclusion

Chatting with ChatGPT about Polygon and its presence in DeFi gave a clear indication that the AI chatbot was highly confident in Polygon and its future. ChatGPT’s response to the questions remained bullish throughout the conversation, with some even being highly ambitious.

Nonetheless, considering Polygon’s current state, only time will tell us whether ChatGPT’s predictions and views reflect on paper. 

Source: https://ambcrypto.com/chatgpt-matic-price-prediction-8/