Which Crypto Tokens Will Lose Out Due To Panic Over ChatGPT Vs Google?

ChatGPT Vs Google News: Amidst the craze around AI chatbots, Alphabet Inc, Google’s parent company, lost stock value by around 8% on Wednesday, 8 February, 2023. Google’s huge loss comes as traders share panic sentiment with the competition from OpenAI’s ChatGPT.

Several crypto tokens in the AI domain began to dominate the crypto market in the last few days, after ChatGPT broke into the scene. It is already being speculated that the AI tokens would continue to gain traction in the coming months, as the competition between Google and OpenAI intensifies. Unlike other technological breakthroughs, artificial intelligence based innovations take way less time to improve. In this context, traders are weighing in the potential synergy between cryptocurrencies and AI technology.

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In the recent times, there has been huge rise in search traffic for the term ‘crypto AI’ since January 2023. This is directly translating into interest in cryptocurrencies working in the AI domain.

AI Crypto Tokens – Huge Potential

Google has already announced it would soon launch Google Bard, a chatbot powered by AI. This comes after the meteoric rise in interest in AI chatbots like ChatGPT and hence, Google is working on quickly rolling out its ChatGPT alternative. Such is the rise in interest in AI tokens that cryptocurrencies like The Graph (GRT), a token ranked 40 based on market cap, more than doubled in value compared to a week ago.  Big Data Protocol (BDP), a relatively low market cap cryptocurrency, skyrocketed only in the last one week with a growth of 10 times in value.

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Other Altcoins To Lose Out?

In the context of huge expectations in AI tokens, other altcoins with non- AI use cases could lose out on the incoming interest and liquidity from retail and institutional traders. However, it remains to be seen how long would the interest in AI tokens sustain in the market. Are AI Crypto tokens the memecoins of the next bull run? Or it will end up as a bull trap?

Know More: What is Bull Trap in Crypto, and how do you identify it?