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Crypto AI Economy Suffers $730 Million in Losses in 2 Months as Interest Fades – Bitcoin News
Less than two months ago, a collection of 74 listed cryptocurrencies centered around artificial intelligence (AI) amassed an impressive $4 billion in value. However, the intervening weeks have seen a sharp decline in the crypto-AI economy’s gains, with losses of $730 million. The three most prominent AI-powered crypto projects have all suffered double-digit losses, ranging from 10% to 29.58%, against the US dollar over the past 30 days.
Interest in the combination of crypto and artificial intelligence has waned, Crypto-AI Token Economy throws $730 million
Various data points suggest that interest in and value of crypto-AI projects has waned. Global search trends for “crypto ai” peaked in early February 2023, with a Google Trends score of 100. Despite the increase, over the past 90 days the score has dropped to a low of 22. Slovenia, Netherlands, Cyprus, Lebanon and Nigeria make up the top five countries currently interested in “crypto ai” searches.
In February, the collective crypto-AI economy hit a $4 billion milestone, driven by impressive gains among top AI-focused cryptocurrencies following a multibillion-dollar investment by Microsoft in Openai, the creators of Chatgpt. However, the crypto AI sector has since suffered significant losses. Current data from cryptoslate.com indicates that $730 million has been wiped from the crypto-AI token economy.
The largest crypto AI asset by market cap, graph (GRT), has suffered a loss of 10.71% in the past month. The second largest AI-centric crypto asset, singularity (AGIX), has underperformed, down 29.58% over the same period. Fetch (FET), the third largest crypto-AI token, has seen a 14.36% drop in value over the past 30 days. Most of these losses occurred in the last seven days of trading, coinciding with a general decline in the broader crypto market.
Overall, the crypto tokens related to artificial intelligence have decreased by 7.38%. The last week has been particularly tough, with a 15.70% drop recorded. Currently, the 24-hour global trading volume for the crypto AI sector is $325.58 million. Interestingly, the cannabis-focused crypto sector is currently the best performer, having gained 3.89% against the dollar in the past week, according to data from cryptoslate.com.
What do you think the future holds for the intersection of AI and cryptocurrency? Why do you think interest in crypto-AI projects is waning? Share your thoughts on this topic in the comments section below.
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