At the start of 2023, AI tokens were highly regarded in the cryptocurrency market due to the launch of ChatGPT, an AI-based chatbot, in late 2022. This resulted in significant gains for some AI-related cryptocurrencies. However, recent data from research firm Kaiko indicates a decline in trading activity for these tokens, suggesting a cooling interest in this particular set of cryptocurrencies.
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Lowest AI token volume in months – interest fading? Lowest Weekly Trading Volume For AI Tokens
Lowest AI token volume in months – interest fading? According to a recent data report from Kaiko, the trading volume of six out of the top seven AI-related tokens including FET, INJ, ROSE, AGIX, RNDR, and GRT, registered their lowest weekly trading volume since January 2023.
There has been a noticeable decrease in trading activity for AI-related cryptocurrencies, indicating a decline in investor attention since the peak of the AI token frenzy in January. This trend is also reflected in the price performances of many of these cryptocurrencies.
The Graph (GRT), the largest AI token in the market, experienced significant gains at the beginning of 2023, surging by approximately 122% and reaching a yearly high of $0.2323 on February 7. However, the price of GRT has since dropped by 51% from its peak in 2023.
Can ChatGPT & OpenAI Do It Again?
The increased interest in AI tokens was partially driven by the launch of ChatGPT. However, the launch of Sam Altman's Worldcoin project and WLD token did not have a similar effect on the AI and big-data crypto economy.
On July 24, 2023, Altman, the CEO of OpenAI, launched the World ID development kit and the WLD token. According to CoinGecko data, the WLD token surged over 85% to reach an all-time high of $3.3 on the day of launch. However, its price has since declined by over 31%.
Although there has been excitement around the launch of Worldcoin, the project - particularly its technology - has also faced some skepticism. Notably, Ethereum co-founder Vitalik Buterin has expressed concern over the project's iris-scanning hardware and biometric data collection practices.
Furthermore, Worldcoin is expected to face regulatory scrutiny, with the UK's data regulator Information Commissioner Office (ICO) already making inquiries. France's privacy regulator CNIL has also questioned the legality of the project's biometric data collection.
While the Worldcoin project and the WLD token appear to be gaining momentum, it remains to be seen how they will impact the AI and big-data crypto economy. As of this writing, the WLD token is trading at $2.27, with a 6.8% price increase in the past day.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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