- AI-related crypto tokens like Fetch.ai (FET) and Ocean Protocol (OCEAN) have rallied more than 20% over the past 24 hours.
- The daily trading volumes of the top three AI-related tokens have increased by an average of 935% in a week.
- The rising popularity of Open.ai’s ChatGPT has given a significant boost to artificial intelligence-related narratives in the digital market.
- The institutional interest in artificial intelligence since the beginning of 2023 reinforced the hype around AI.
Open.ai’s artificial intelligence (AI) powered chatbot ChatGPT has been in the news ever since its launch in November last year. The AI bot’s ability to deliver solutions to a wide range of problems made it popular among programmers and content creators. But the opportunistic traders in the crypto market have been scrambling to capitalize on the AI hype, leading to exponential returns from AI-related tokens since the beginning of 2023.
AI Crypto Fetch.ai soars by 23%, SingularityNET up 29%
According to data from CoinMarketCap, the list of the top five gainers from the past 24 hours contains at least three artificial intelligence-related crypto tokens. This includes SingularityNET (AGIX), which gained more than 28% overnight. Next on the list is Fetch.ai (FET), up more than 23% over the past 24 hours. Ocean Protocol (OCEAN) has gained more than 20% since yesterday.
Crypto Twitter is filled with influencers pitching the AI narrative as the catalyst for the next bull run in the crypto market. Retail traders have been seen boasting exponential gains from tokens like Fetch.ai (FET). The hype around AI-related tokens has led to a significant rise in their trading volumes. AGIX’s daily trading volume went from $27 million at the beginning of February to $409 million at the time of writing, marking an increase of a whopping 1400% in one week. The weekly increase in Fetch.ai (FET)’s daily trading volume came in at 832%, with OCEAN’s daily trading volume up by 573% over the same period.
The rising institutional interest in AI was fueled by Microsoft’s $10 billion deal with Open.ai last month. This was followed by fellow tech giant Google’s own AI product ‘Bard’, which was unveiled earlier today. A report released by J.P Morgan earlier this week gave the following insight into the role of AI in the future of trading:
53% of traders predicted ‘Artificial Intelligence/ Machine Learning technology to be the most influential in shaping the future of trading over the next 3 years, with ‘API Integration’ and ‘Blockchain/ Distributed Ledger Technology’ following.”