AI Token Trading Down
Despite the hype around artificial intelligence (AI) this year, AI-based crypto assets have not experienced the same level of enthusiasm. Recent trading data from Kaiko reveals that the weekly trade volume for AI-affiliated tokens has been lackluster in August.
The analysis focused on five prominent AI tokens: SingularityNET (AGIX), Fetch.ai (FET), The Graph (GRT), Render (RNDR), and Worldcoin (WLD). It also included AKT, OCEAN, and ROSE combined.
At the beginning of the year, the total trading volume for AI tokens reached nearly $7 billion. However, by the end of August, it had dropped to less than $1 billion, despite the launch of Worldcoin in July. While Worldcoin provided a slight boost to AI token trading volumes, they have remained stagnant since May.
Currently, the crypto market is experiencing a downturn, with the total market capitalization falling to $1.07 trillion. This marks the lowest levels in almost two months.
Hot Take: AI-based Crypto Assets Struggle to Gain Traction in Bear Market
Despite the excitement surrounding artificial intelligence, AI-based crypto assets are facing challenges in the current bear market. The trading volume for AI-affiliated tokens has been subdued, declining from nearly $7 billion to less than $1 billion by the end of August. The launch of Worldcoin did not significantly impact AI token trading volumes, which have remained flat since May. This lack of interest is reflective of the broader altcoin market, which is currently experiencing a downturn. As crypto winter deepens, the total market capitalization has reached its lowest levels in almost two months. It remains to be seen whether AI-based crypto assets can regain momentum in the future.
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