Artificial Intelligence (AI) became the most popular expression of 2023 after the successful unveiling of ChatGPT by OpenAI. In the aftermath, most investors flocked to AI assets. And now the best AI coins are at risk of going up for sale amid growing hype.
“These AI coins can return to Earth”
SingularityNET (AGIX) and (SDAO)
SingularityNET’s tokens AGIX and SDAO have seen huge increases over the past few months. They have increased by 647% and 340% respectively in the last 30 days. According to CoinMarketCap, they have gained 195% and 252% in the last 7 days. This puts them among the top performing cryptocurrencies in the industry. SingularityNET is building a decentralized AI platform where anyone can search and buy AI products. Developers can also create and sell AI products. It also has a Domain-Specific Language (DSL). Crypto analyst Crispus Nyaga thinks AGIX and SDAO prices will pull back soon.
Fetch.ai (FET)
Fetch.ai is among the successful AI coins in 2022. The token has increased by over 200% in the last 30 days and 90% in the last 30 days. Fetch is a platform that creates autonomous agents that help developers automate repeatable processes. It helps empower peer-to-peer applications with automation and artificial intelligence. Like SingularityNET, artificial intelligence tools are the main reason the FET price is going up. It also launched staking a few months ago and has been listed by several exchanges. However, the analyst suspects that without a major catalyst, the coin will return to the world as the momentum wanes.
Artificial Liquid Intelligence (ALI)
Artificial Liquid Intelligence has grown out of nowhere to become one of the largest cryptocurrencies in the world. The ALI token is currently valued at over $280 million. Yet little is known about cryptocurrencies except that it has AI in its name. It reminds me of when fake companies introduced the dot com suffix during the dot com bubble. ALI is the native token for Alethea AI, which describes itself as the world’s first multi-modal artificial intelligence system that generates characters from natural language. It is backed by Binance, Crypto.com, and Multicoin Capital, according to its website. Therefore, the analyst suspects that, like Fetch and Singularity, the ALI price will drop soon.
Which crypto tokens will lose due to panic?
cryptocoin.comIn the midst of the AI chatbot craze, Google’s parent company Alphabet Inc lost nearly 8% of its stock on Wednesday, February 8, 2023.
A few crypto tokens in the AI space have started to dominate the crypto market in the past few days after ChatGPT came onto the scene. It is already predicted that AI tokens will continue to gain traction in the coming months as the competition between Google and OpenAI intensifies. Unlike other technological breakthroughs, AI-based innovations take much less time to develop. In this context, traders are assessing the potential synergy between cryptocurrencies and AI technology. Recently, there has been a huge increase in search traffic for the term ‘crypto AI’ since January 2023. This directly means an increase in interest for AI coins.
AI coins hold huge potential
Google has announced that it will soon launch Google Bard, an AI-powered chatbot. This comes after the rapid increase in interest in artificial intelligence chatbots like ChatGPT and so Google is working to roll out ChatGPT alternative quickly. Interest in the AI token has grown so much that cryptocurrencies like The Graph (GRT), which ranks 40th by market cap, have more than doubled in value from a week ago. Big Data Protocol (BDP), a relatively low-cap cryptocurrency, has skyrocketed with a 10x increase in value in just the past week.
In the context of great expectations, other altcoins with non-AI use cases could lose on interest and liquidity from retail and institutional traders. However, it is unclear how long the market interest in AI tokens will last. Are AI crypto tokens the meme-coins of the next bull run? Or will it turn into a bull trap? We will learn the answers to these questions over time.
Warning for AI coins from analyst!
Crypto analyst Smart Contracter warns his 220,200 followers that many projects are scrolling the word AI to their websites at this stage and are getting 100% pumped. In this context, the analyst shared the following:
At this stage, every project puts the word AI on their website in a salad phrase that makes no sense to get 100% pump.
at this stage every project slip the word AI into their website in some word salad sentence that makes no sense to get a 100% pump
— Bluntz (@SmartContracter) February 7, 2023
