Interest in AI-related cryptocurrencies has declined sharply since the beginning of the year, according to Kaiko Research. The trading volumes of the top six AI coins, including The Graph, Render, Injective, Oasis Network, SingularityNET, and Fetch.ai, reached their lowest levels since January, indicating a significant drop in interest. These tokens are associated with projects that utilize artificial intelligence to enhance security, user experience, decentralized exchanges, and image and text generation services, among other applications.
Key points:
– AI-related cryptocurrencies experienced a surge in popularity following the launch of ChatGPT in November, leading to increased development of AI/web3 products and a rally in the top tokens in 2023.
– The Graph, a prominent AI crypto protocol, saw its token’s value rise by 122% from November to February. However, it has since plunged by 53% as of July 28.
– The launch of Worldcoin’s WLD token on Monday generated enthusiasm but did not have a positive impact on other AI-related cryptocurrencies. Worldcoin’s token initially rose by 88%, but it has since fallen by over 30%.
Hot Take:
The decline in trading activity of AI-related cryptocurrencies suggests a cooling interest in this sector. The initial hype surrounding these tokens may have subsided, and investors are now more cautious. It remains to be seen whether this trend will continue or if there will be renewed interest in the future.
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