Decoding AI Cryptos – All hype or is it the next big thing?

AI cryptos registered up to 16 times growth in the past few months. Most of the AI cryptos’ charts were green despite the ongoing bearish market conditions.

Artificial Intelligence (AI) cryptocurrencies have become a hot topic in the crypto space lately. The AI cryptos have been outperforming the cryptos of other segments by a massive margin over the last few weeks.

According to CoinGecko data, AI tokens increased in value by up to 16 times between November 2022 and February 2023, which was commendable.

1/ How have #ChatGPT and #Bard impacted Artificial Intelligence (#AI) tokens? ????

Prices of AI-related tokens increased by 2 to 16 times as #crypto investors poured into the AI narrative.

Read the full study: https://t.co/PVDzQbOw8a pic.twitter.com/osfdj4RGmS

— CoinGecko (@coingecko) February 10, 2023

To clear the air, AI cryptos are the projects that have emerged in recent times with the motive of merging AI with blockchain technology.

Though the broad goal remained to connect both technologies, each project operates in different fields such as finance, gaming, et al.

What’s all the hype about?

Interestingly, blockchain projects expressed their interest in AI technology. For instance, TRON [TRX] recently announced the establishment of a new $100 million AI development fund to facilitate the integration of AI and blockchain technologies.

AI cryptos gained popularity recently, and much of the hype surrounding them can be attributed to ChatGPT and BARD, which stormed the internet as people across the globe were stunned by their capabilities.

Among all the AI cryptos, FETCH [FET] was one of the tokens that registered a price increase of 114% in the last 30 days.

???? Review: #FetchAI Last Month on #IBC Networks

These are notable @Fetch_ai metrics ⏬ in the @cosmosibc world ⚛ last month

✅Rank: 23rd✅Total IBC Volume: $2M✅Most Active Pair of Zones: @Fetch_ai – @osmosiszone ( $FET – $OSMO )#IBCGang #Cosmonauts@MapOfZones pic.twitter.com/4gfth9mrDs

— Cosmos Daily ⚛️ (@CosmosATOMDaily) February 10, 2023

The AI token’s popularity was evident from its statistics, as its social dominance shot up by more than 155%. Bullish sentiments around FET also registered a massive uptick, increasing by 157.4%.

One-Month Social Signal of #FetchAI $FET

Let's take a look at the movement of social activities & community of @Fetch_ai last month ????@LunarCrush pic.twitter.com/pxjQf8v05P

— Cosmos Daily ⚛️ (@CosmosATOMDaily) February 10, 2023

According to CoinMarketCap, FET was trading 22% higher than the last week, and at the time of writing, it was valued at $0.4123 with a market capitalization of over $337 million.

It also managed to enter the top 100 list in terms of market cap recently, but it slipped off the list later.

AI Cryptos are here to stay?

While many may think that the hype around AI crypto is a short-term episode and will fade away soon, the reality might be different.

With the influx of several new projects and the increased interest in blockchains AI technology, it seems likely for AI tokens to become more mainstream in the coming months.

Though AI cryptos’ massive gains appeared to have slowed down, their charts, however, remained green.

According to CoinMarketCap, most of the AI tokens managed to register gains even in the bearish market.

Therefore, considering all the factors, it is very likely that AI cryptos will get more attention from the industry over the coming days as the world continues to make breakthroughs in the fields of AI and blockchain.

Source: CoinMarketCap

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