- Different blockchains have developed AI-based cryptocurrencies.
- These coins had massive gains this year.
- The debate ensues whether they can rival BTC or if it is just a fad.
After the near global adoption of ChatGPT, the DeFi industry has wasted no time in embracing this new technology.
Different blockchains have now developed the web3 industry with this tech, such as Measurable Data Token (MDT), Big Data Protocol (BDP), The Graph (GRT), SingularityNET (AGIX), etc., and they have made an unexpected contribution to the market.
How Have AI Tokens Fared?
These digital coins have brought about renewed optimism in the market, so much so that certain traders on Twitter claim they can trigger the next bull market run.
A bold claim, perhaps, but it isn’t entirely far-fetched.
Gate.io reported that they had an average of 80% price boost. Not only that, they have been posting impressive numbers all year.
AGIX experienced a price increase of over 301% within a year and now ranks among the top 100 coins. The relatively unknown coin has risen to jaw-dropping heights and looks set to continue its ascent.
Since the beginning of the year, FET has increased by 178%, and OCEAN by 103%.
What Impact Can They Have On BTC?
There are many of these digital coins on the market, most of which can be found on exchanges.
The high demand for ChatGPT and other similar platforms — due to their utility — has rubbed off on them, hence their immense popularity.
There are now conversations that they can set off a bull run as there is a lot of positive sentiment around them.
Positive speculation around it has also helped drive its value up, as enthusiasts and experts alike have lent their voices to its cause. Aditya Khanduri, the marketing lead of a web3 firm, said,
I believe that the current trend is still pretty speculative, leading to a jump for OCEA and AGIX. Some of them with more buzz and followings have been pumped, and it’s less about the actual tech behind it.”
However, not all have been swayed by it. Some think it is plain hype. Valentina Drofa, a financial consultant, commented,
Once the market starts livening up a bit, all sorts of new trends come out of the woodwork. And they are not all as solid as they might look.”
She opined that this “new trend” might be “an empty hype” — a mechanism for speculators to profit off of short-term price pumps.
Can They Rival BTC?
Recently, BTC has been on cloud nine so much that there are predictions that it might surpass its previous ATH. Similarly, these digital assets have equally generated huge interest in the DeFi space.
There is an ongoing debate to ascertain whether they are worth the hassle or if it’s just a mere fad.
For many, it is untested waters, with so many questions left unanswered.
For others, it represents the next growth sector and a potential game changer in the DeFi space. The (potential) mass adoption of this new set of coins would determine if it would ever light a candle to BTC.
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