- AI tokens price rallies seem to be losing momentum.
- The tokens grabbed attention after several firms started showing interest in AI.
NEW DELHI (CoinChapter.com) — The hype fuelling the bull run of artificial intelligence (AI) related crypto tokens seems to be dying.
Crypto analyst Kaiko noted that the weekly trade volume of crypto AI tokens has been dropping after peaking in Jan this year.
Kaiko shared the trading volume of the top 6 out of the top 7 crypto AI coins (by market cap) — GRT, RNDR, INJ, ROSE, AGIX, and FET. The tokens’ weekly trading volume reached its lowest levels since Jan.
Crypto AI Tokens Price Performance In 2023
Crypto AI tokens started gaining prominence after the launch of ChatGPT in Nov 2022. A publicly accessible AI-based platform attracted users, resulting in firms focusing on developing more AI products.
Crypto firms also benefitted from the hype, with the top three AI crypto tokens rallying strongly in 2023.
The Graph protocol (blue wave), the largest crypto AI protocol by market cap, rose 122% from Nov 2022’s low of $0.1046 to reach its 2023 high of $0.2323 on Feb 7 earlier this year. However, GRT price started declining, falling 53% from 2023’s high to a daily low near $0.11 on July 27.
However, GRT price remained at 102.7% gains YTD.
Render (orange wave) price had a stronger rally, rising nearly 647% from Nov 2022 to reach 2023’s high of $2.95 on May 21 before the rally started to fade. Afterward, the crypto token price started forming lower highs. Despite the downtrend, RNDR/USD trading pair is up nearly 338% YTD.
Injective Protocol’s native token, INJ, rallied more than 623% from Nov 2022’s low of $1.38 to reach $9.98 on April 17 earlier this year. However, after a brief decline, INJ price restarted its rally in early June, nearly reaching its 2023 high again on July 14 before correcting.
Other crypto tokens enjoyed similar gains, thanks to the hype surrounding AIs. However, the most recent AI-related token, World Coin, met with much skepticism on its launch, with several traders calling it a scam.
More advancements in AI technologies might help crypto AI tokens restart their rally. But for now, the AI crypto sector’s price rally might continue to weaken.