AI Token Trading Fever Still Flat Since Worldcoin Launch

By BeInCrypto September 11, 2023 In Fetch.ai, The Graph, Trading

Artificial intelligence (AI)-based digital assets have fallen flat as the bear market lengthens. This year’s hype for all things AI has not extended into crypto assets based on the technology, despite the launch of Worldcoin.

According to recent trading data from Kaiko, the weekly trade volume for AI-affiliated tokens “remained subdued” in August.

AI Token Trading Down

The data analyzed the trading volume of five leading AI tokens. These were SingularityNET (AGIX), Fetch.ai (FET), The Graph (GRT), Render (RNDR), and Worldcoin (WLD). It also included AKT, OCEAN, and ROSE combined.

Total trading volume for AI tokens surged to almost $7 billion at the beginning of the year. By the end of August, it had dwindled to less than $1 billion, according to the data. This is despite the launch of Worldcoin in July.

Worldcoin (WLD) has added a little boost to AI token trading volumes, but they have been flat since May, when sentiment first started to diminish.

AI token trade volume. Source: X/@KaikoData

Like many crypto narratives before (DeFi, NFTs, Metaverse, etc.), sentiment usually wanes in a bear market when investing confidence is low, and prices are flat.

Worldcoin prices have followed the typical token launch pump and dump pattern. WLD was over $3 on launch day but has now lost 67% in just seven weeks since then.

According to CoinGecko’s AI token category, Render is the largest AI altcoin by market capitalization. RNDR hasn’t performed that badly compared to its brethren, gaining almost 10% over the past week.

Furthermore, Fetch.ai has moved in the opposite direction, losing 13% over the past week as FET tumbled to $0.232.

No Love for AI or Altcoins

SingularityNET, the third-largest AI token according to the list, has also had a rough week, dropping more than 8% to trade at $0.177 at the time of writing.

Moreover, The Graph has also been in the red recently. GRT has lost 6.5% over the past week and is a whopping 97% down from its peak.

The Graph GRT Price Chart. Source: BeInCrypto

There is no love for any altcoins at the moment, AI-based or otherwise. Markets are in the red again this Monday morning in Asia, with the total cap falling 0.7% to $1.07 trillion.

Furthermore, markets are currently at their lowest levels for almost two months as crypto winter deepens.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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