AI tokens see lowest weekly trading volume since January
Quick Take
- AI-related tokens saw the lowest weekly trading volume since the beginning of year, according Kaiko Research.
Interest in AI-related cryptocurrencies appears to be waning, with Kaiko Research noting sharp declines in trading activity since the beginning of the year.
Data released Thursday on the the top six AI coins by market capitalization — The Graph, Render, Injective, Oasis Network, SingularityNET and Fetch.ai — showed volumes reaching the lowest levels since January, signaling a dramatic decline in interest.
AI-related tokens are linked to projects that use artificial intelligence as a tool to improve security, user experience, power decentralized exchanges, or image and text generation services, amongst other things.
Kaiko Research AI-coin trade volume
ChatGPT instigated a wave of AI-related crypto projects
Following the November launch of ChatGPT, AI-related cryptocurrencies gained popularity, prompting a wave of AI/web3 product development and resulting in a strong rally of the top tokens in 2023.
RELATED INDICES
The Graph, a leading AI crypto protocol, saw its token soar 122% from a low of $0.1046 in November to its 2023 peak of $0.2323 on February 7. However, GRT has since plunged 53% to around $0.11 as of July 28.
Enthusiasm after Monday's launch of Worldcoin's WLD token, meanwhile, failed to lift other AI-related cryptocurrencies. Worldcoin's token rose 88% to an all-time high of $3.30 on the day of launch. It has since fallen over 30% to $2.17, according to CoinGecko.
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