A Kaiko research report reveals that leading AI tokens have been losing momentum in H2 2023. Can the newly launched Worldcoin by ChatGPT founder Sam Altman reignite investor interest in the Crypto AI sector?
ChatGPT launch in November 2022 played a critical role in the Crypto AI tokens’ rise to prominence in early 2023. However, on-chain data shows that the leading AI tokens have been losing momentum in H2 2023.
Investors are Looking Away from the Artificial Intelligence-Related Tokens
Following the launch of the AI chatbot, ChatGPT in November 2022, Crypto AI tokens started 2023 with a bang. By February, Singularity (AGIX), Render (RNDR), and The Graph (GRT) had delivered triple-digit gains.
However, a recent report by Kaiko shows that crypto investors are turning their attention away from AI tokens. The chart below illustrates that the Weekly Transaction Volumes of the leading AI tokens have been dwindling gradually since they peaked around February.
After a brief resurgence in March 2023, the AI tokens have failed to maintain the momentum in H2 2023.
The Trade Volume data analyses the number of tokens transacted by investors over a given period. When it starts to drop persistently over an extended period, it signifies that crypto investors are losing interest in the core products and services offered by the blockchain network.
Notably, there has been a close correlation in the transactional activity of all the 6 AI tokens identified above. This suggests that the crypto AI sector is becoming unattractive to investors.
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Author: Ibrahim Ajibade
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