The popularity of ChatGPT has opened up wide space in the cryptocurrency market for AI coins. The start of the rally was triggered by MicroSoft’s $10 billion investment in OpenAI and the statements of founder Bill Gastes.
Can AI coins continue to rise further?
Open AI’s chatbot ChatGPT, launched in November 2022, has triggered a massive rally in cryptocurrency projects using Artificial Intelligence (AI) to develop or run blockchain and cryptocurrency ecosystems. SingularityNet (AGIX), Fetch.ai (FET) and Numeraire (NMR) are among the AI cryptos that have been delivering double-digit returns to their investors since February 15.
Also, the AI bull run that started with ChatGPT, the Graph (GRT), has also made a big improvement. GRT has gained close to 100% in the last 30 days.
The popularity of ChatGPT shows its effect on the markets
ChatGPT, an Artificial Intelligence chatbot developed by OpenAI, turned the internet upside down with its popularity after being released on November 30, 2022. The bot amassed its first one million users in record time, in five days. With the popularity of AI, the crypto AI bull has sparked a rally in tokens like AGIX, FET, NMR, and GRT.
These AI coins are the trends of the week
Data from CMC shows the rally of low volume AI coins following well-known projects such as SingularityNet (AGIX), Fetch.ai (FET) and Numeraire (NMR). The altcoins that have gained the most value in the AI token market since last week are as follows:
- DOC.COM (MTC)
- Elamachain (ELAMA)
- Bird Money (BIRD)
- GNY (GNY)
- Ubex (UBEX)
- SENATE
- Zeusshield (ZSC)
- ModiHost (AIM)
- Link Machine Learning (LML)
- iMe Lab (LIME)
- Graphlinq Protocol (GLQ)
- Agrello (DLT)
Cryptocurrencies in the AI category have witnessed significant price increases over the past two weeks. In the rest of the article, let’s see if these projects can sustain their gains.
February performance of AI tokens
The market cap of The Graph’s GRT token exceeded $1 billion after a massive recovery via AI-powered rally. Last week, GRT posted a 23% gain for investors. The indexing protocol’s token experienced short-term accumulation by investors, and a spike in supply left the cryptocurrency exchanges. Typically, an asset’s accumulation triggers a rally and helps GRT bulls push the asset’s price higher.
2023 AI token rally: Driven by speculation or value?
The AI bull has gained traction on crypto Twitter and among market participants. Crypto analyst Pablo Jodar Seores commented on the crypto AI tokens rally, arguing that it is important to separate hype and speculation from value driving price gains for investors.
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