AI Tokens Record Lowest Weekly Trading Volume Since The Start Of The Year 2023

According to Kaiko Research, trade activity has sharply decreased since the year’s beginning, suggesting that interest in cryptocurrencies tied to artificial intelligence may be diminishing.

The volumes of the top six artificial intelligence coins by market value, The Graph, Render, Injective, Oasis Network, SingularityNET, and Fetch.ai, reached their lowest levels since January, indicating a sharp fall in interest, according to data provided on Thursday. 

Artificial Intelligence-related tokens are associated with initiatives that, among other things, leverage artificial intelligence to power decentralized exchanges, enhance security, enhance user experience, or provide picture and text production services.

Source: Kaiko

ChatGPT Sparked AI-related Crypto Initiatives

After ChatGPT launched in November, interest in Artificial Intelligence-related cryptocurrencies increased, producing a wave of Artificial Intelligence/web3 product development and a significant rise in the top tokens in 2023.

Leading Artificial Intelligence crypto platform The Graph saw its token overflow 122% from a November low of $0.1046 to a February 7 peak of $0.2323. However, as of July 28, GRT had fallen 53% to about $0.11 since then.

The launch of Worldcoin’s WLD token on Monday failed to spark interest in rival cryptocurrencies focused on artificial intelligence. On the day of its debut, Worldcoin’s token increased by 88% to reach a record high of $3.30. Since then, it has dropped more than 30% to $2.17, according to CoinGecko.