AI coins trending in 2023 with the launch of ChatGPT have been showing signs of serious weakness in recent weeks. According to Kaiko’s analysis, interest in these new generation projects is declining rapidly.
AI coins record lowest weekly trading volume
According to Kaiko’s recent report, AI-related projects recorded the lowest weekly trading volume since January 2023. The report covers the biggest projects including FET, INJ, ROSE, AGIX, RNDR and GRT. The aforementioned 7 artificial intelligence coins became the prominent names of the new year.
Is the AI Coin market dying?
The notable drop in trading activity indicates that investor interest has waned since the AI Coin craze peaked in January. This is reflected directly in prices and graphics.
One of the biggest AI projects in the market, The Graph (GRT) was one of the top earners at the beginning of 2023. Meanwhile, it rose roughly 122% in the first weeks of the year, reaching a year-high $0.2323 on February 7. It has since fallen sharply, melting 51% from its peak.
Can ChatGPT and OpenAI trigger new rally?
The new year’s AI Coin rally was largely driven by the launch of ChatGPT. However, no similar impact was seen on artificial intelligence and the crypto economy following Sam Altman’s Worldcoin project. Altman, CEO of OpenAI, the artificial intelligence company behind ChatGPT, launched its crypto product on July 24, 2023. It introduced the World ID development kit and WLD coin to the world.
However, another Kaiko report, which we quoted as Kriptokoin.com, suggests that Worldcoin will fall short in terms of price. According to data from CoinGecko, WLD rose more than 85% on the day of its launch, reaching ATH of $3.3. However, its price has dropped over 31% since reaching this peak.
AI coins remain under the control of sellers
Recent developments aside, the AI Coin market has also recorded sharp declines in the last 24. According to CMC data, the projects that lost the most value in the last 24 hours are:
- LITH (Lithium) – 24.81%
- ARCONA (Arcona) – 9.77%
- AIPAD (AIPAD) – 37.90%
- XRT (Robonomics.network) – 1.53%
- NMR (Numeraire) – 4.22%
- CNTM (Connectome) – 4.37%
- SWASH (Swash) – 3.41%
Meanwhile, the gains on the weekly timeframe were over 50%:
- CIX100 (Cryptoindex.com 100) – 77.06%
- EFX (Effect Network) – 45.93%
- EPK (EpiK Protocol) – 32.21%
- 0x0 (0x0.ai) – 26.79%
- GNY (GNY) – 22.88%
- RAZE (Raze Network) – 22.22%
- LAI (LayerAI) – 18.75%
Vitalik Buterin worried about Worldcoin
As Kaiko points out in its latest report, the AI Coin industry in particular is suffering from declining volumes, among other markets. Worldcoin, which has been trending recently, could not reverse this momentum. Meanwhile, Ethereum co-founder Vitalik Buterin expresses his concerns about the project’s applications for iris scanning hardware and biometric data collection.
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