ChatGPT launch sparks 300% rally for A.I.-related crypto tokens
(Kitco News) - The release of ChatGPT to the public has taken the internet by storm as users of all ages and from all walks of life engaged with the artificial intelligence (A.I.) chatbot for a variety of reasons, including writing essays, solving complex problems and even debugging computer code.
One interesting side effect of the renewed interest in A.I. that ChatCPT has been a rally in artificial intelligence-related crypto projects as investors looked to capitalize on the rising trend by placing bets on the most promising A.I.-related platforms.
Some of the biggest gainers include Fetch.ai (FET) and SingularityNET (AGIX), which have seen their token prices increase 321% and 301%, respectively, since the launch of ChatGPT at the end of November.
AGIX/USD vs. FET/USD vs. ALI/USD vs. OCEAN/USD vs. CTXC/USD vs. GRT/USD 4-hour chart. Source: TradingView
Other notable performances include a 179% increase for Ocean Protocol (OCEAN), a 166% increase for Cortex (CTXC), and a 136% gain for Artificial Liquid Intelligence (ALI).
And it wasn’t just the release of ChatGPT that sparked a rally in these tokens as the broader crypto market has been rallying since the end of the first week of January, with Bitcoin (BTC) hitting its highest price in over five months in trading on Wednesday.
“Following Crypto’s tumultuous journey in the previous 12 months, many are searching for a more secure way of trading and investing in Crypto, and that is what A.I. brings to the game, a prompter detection of fraud, risk protection and autonomous trading opportunities,” a spokesperson from Tradingbrowser.com said.
According to the results of a study conducted by Tradingbrowser.com – which analyzed Google search data for the top 100 A.I. tokens according to CoinMarketCap to reveal the most Googled A.I. coins – The Graph (GRT) has become the most-searched A.I. cryptocurrency in 2023, with an average monthly global search total of 8,100. The Graph is an indexing protocol for querying networks like Ethereum and IPFS.
The high google search data for The Graph has yet to translate into a significant price breakout as was seen for AGIX and FET, but the GRT token has put on a modest gain of 46% since the beginning of December.
Coming in second place in Google searches was Aion (AION), a token used to secure and access The Open Application Network, with an average of 4,400 monthly searches in the past 12 months. Unfortunately for AION, the higher number of searches hasn’t really translated into meaningful gains for the token. It is only up 7.25% since the launch of ChatGPT, which is less than the average increase for the top 100 tokens over the same time period.
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Rounding out the top five, Fetch.ai (FET) ranked third, with a monthly average of 2,400 worldwide searches, followed by Cortex (CTXC) with 1,900 monthly searches, and Covalent (CQT) with 1,300 monthly searches. Increases in FET and CTXC reflect this growing search interest, while CQT has failed to record any notable price gains.
The results of this study show that while Google searches can provide insight into which crypto projects are being searched for by the general public, a higher number of searches doesn’t necessarily translate into increases in price. For both AGIX and FET, the gains experienced came alongside notable developments to their protocols, demonstrating the value of keeping tabs on promising projects.