Recently the world has been blown away by the explosive growth in AI, as well as the crypto market. So far, 2023 has gone much better than most crypto traders expected, as for example the crypto market cap was seen jumping by more than IDR 14 quadrillion in early 2023. Not only that, noted by CoinGecko, recently several AI tokens are hype and show how artificial intelligence has a lot of interest this year. Curious? Watch this news to the end.
Soaring AI Tokens?
According to BeinCrypto, Bitcoin (BTC) started the year at $16.5K and has soared to over $23K in 21 days. Apart from that, Ethereum also experienced the same success, which also peaked on February 2, 2023 at a price of over $1.7 thousand.
Among the soaring prices of BTC and ETH tokens, there are several other tokens that seem to be trending in the market with significant increases, namely SingularityNET (AGIX) which rose 669.15% in 30 days, Anchor Neural World (ANW) increased 810.66%, GNY (GNY) rose 946.61%, The Graph (GRT) rose 142.92%, and OCEAN increased 131.30%. The tokens that have experienced a significant increase are AI tokens.
Quoting from Decrypt, AI tokens are cryptocurrencies that use AI in some way to improve security, user experience, scalability, or various other factors. In theory, AI can be trained to further automate and build trust or efficiency in many crypto systems. AI tokens can also be digital currencies designed to support AI-based applications or projects, including decentralized markets or exchanges, image or text creation services, AI-based investment protocols, and much more.
It is not too surprising that AI tokens will start to gain popularity in 2023. This is because 2022 has been touted as “The Year of AI”, according to the BeinCrypto report. As an example, the big boom in interest in AI occurred in November 2022 with the launch of ChatGPT. The language generation model uses “deep learning” techniques to generate command-driven text. This includes writing a screenplay or novel, organizing copy, or writing a shopping list based on a list of foods the user wants to eat in the next week.
It doesn’t stop there, the usefulness of using AI is almost unlimited. For decades, doctors and healthcare professionals have talked a lot about the potential of AI to improve patient diagnosis and treatment by analyzing medical data to detect patterns. In finance, AI can be used to predict and execute profitable trades much faster than the average investor.
AI Tokens Dominate Charts and Search Traffic
Meanwhile, reported by CoinDesk (9/2/23), five of the six cryptocurrencies trending on the CoinGecko price tracker on Wednesday (8/2/23) have one thing in common, namely that all tokens are related to artificial intelligence (AI). ), a new trend that is currently popular in the crypto world. The tokens are Vaiot’s (VAI), SingularityNET’s (AGIX), Fetch.ai’s FET, DeepBrain Chain’s (DBC) and GNY.
In addition to the above tokens, AI The Graph (GRT) and Ocean Protocol (OCEAN) tokens also jumped significantly by more than 100% within 1 month.
According to reports, the AI token has attracted massive interest from the crypto community. Its growth in terms of both price and search traffic is one of the signals indicating that traders are trying to take advantage of the major news trends related to AI that have attracted attention due to the launch of ChatGPT.
Big tech companies are also seen betting big on language models. In fact, Microsoft has reportedly invested $10 billion in chatbot creator, OpenAI. Furthermore, this trend towards AI is having a big impact on Wall Street, as evidenced in a recent survey of institutional investors by major bank JPMorgan, which shows 53% of respondents indicating that artificial intelligence (AI) and machine learning will have the most influence on finance in years to come.
Today, more people are looking for ways to invest in AI technology, according to Google Trends. This search engine has also seen a notable increase in “crypto AI” queries.
