Artificial Intelligence (AI) is all the rage owing to the success of OpenAI’s ChatGPT, which has taken conversations about the space to a whole new level. Off late, several AI-related crypto tokens have sprung up, capturing the imagination of investors amidst a dull market.
After initial gains, however, these assets underwent significant value reductions. Prominent blockchain analytical firm Kaiko also echoed a similar sentiment.
- According to its latest analysis, AI-related tokens have been losing momentum, even hitting the lowest weekly trade volume since January.
📈👀AI-related tokens have been losing momentum, hitting lowest weekly trade volume since Jan.🗓️ pic.twitter.com/299kh5im1j
— Kaiko (@KaikoData) July 27, 2023
- Fetch.ai, for one, is a popular blockchain platform that leverages artificial intelligence to aid people in automating everyday tasks. Its native token, FET, too, has seen tremendous success since its launch.
- But over the last month, the token lost over 9% and was currently trading at $0.214. Its weekly loss was found to be a little over 5%.
- Injective (INJ) token was down by more than 13% over the past week as it exchanged hands at $8.13.
- The native token of the layer-1 blockchain Oasis Network, ROSE, was trading at $0.05 after a minor correction of 1% during the same period.
- SingularityNet, the open and decentralized platform of AI services, declined by 5% over the past seven days, which dragged its value to $0.22 at the time of writing.
- Render’s (RNDR) weekly declines were also along similar lines. The AI-related token fell to $1.78 following an over 5% drop.
- The native token of indexing protocol The Graph, GRT, lost nearly 4% of its value over the past week and was trading at $0.112.