AI Token Search Traffic Spikes as Crypto Traders Seek Exposure
On price tracker CoinGecko on Wednesday, five out of the top six trending cryptocurrencies all shared a connection to artificial intelligence, the industry’s newest hot trend.
The following tokens—VAI from Vaiot, AGIX from SingularityNET, FET from Fetch.ai, DBC from DeepBrain Chain, and GNY from GNY—have all increased in value by at least 70% over the past week, outpacing the CoinDesk Market Index, which barely changed, falling 0.68% during that time.
AGIX, the leader of that group, experienced the biggest increase—more than 160%. The trends were examined by CoinDesk using the data platform SigDev.
A hint that traders are attempting to profit from the flurry of AI-related articles that have attracted the public’s attention because of ChatGPT is the surge in both search traffic and price of AI tokens in the cryptocurrency sector.
Major IT firms are placing a lot of money on language models. The developer of the chatbot, OpenAI, has supposedly received $10 billion from Microsoft. Because of this, search engine companies are racing to update their technology in an AI arms race.
Wall Street is being significantly affected by the trend: According to 53% of institutional investors polled recently by the megabank JPMorgan, machine learning and artificial intelligence will have the biggest impact on finance in the years to come.
According to Google trends, more people than ever are looking for methods to invest in AI technologies. Additionally, the search engine is noticing a noticeable increase in requests for “AI crypto.”
It’s debatable if their bluster should apply to cryptocurrency. In a tweet shared with CoinDesk, Walter Teng, vice president of digital asset strategy at Fundstrat Global Advisors, said: “Seems like fomo, ennui, degeneracy, trying to make it back.”