Traders Lose Interest in AI Tokens – Kaiko
Date: 2023-07-30 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
According to Kaiko Research, the trading volume of AI tokens recorded this week was the lowest since the beginning of 2023.
The hype around AI-related cryptocurrencies is gradually fading: analysts at Kaiko Research note a sharp decline in traders' interest in assets from this segment.
Data released on Thursday for the 6 AI coins with the largest market capitalization — The Graph (GRT), Render (RNDR), Injective (INJ), Oasis Network (ROSE), SingularityNET (AGIX) and Fetch.ai (FET), showed that trading volumes of these assets reached their lowest levels since January.
Recall that AI tokens are native coins of projects that are somehow related to artificial intelligence. Usually, they have a specific useful action: with their help, holders can participate in the management of the platform, pay for transactions and access to AI tools, or receive rewards for certain actions.
The launch of Worldcoin failed to spur interest in AI
The emergence of OpenAI's ChatGPT has sparked a wave of AI product developments. This has led to AI-related cryptocurrencies gaining popularity, with a number of coins showing an impressive rally in early 2023 and bringing early investors the coveted X's.
Thus, the native token of The Graph protocol soared by 122% from a low of $0.1046 to $0.2323. However, since then, the GRT rate has fallen by 53% and as of July 28 was about $0.11.
Some crypto enthusiasts hoped that the launch of Worldcoin's WLD would launch a new wave of hype around AI-related coins. However, their expectations did not coincide with reality: immediately after the listing, the price of WLD rose by 88%, reaching an all-time high of $3.30, but after that fell by more than 30% to $2.17.
