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

As certain artificial intelligence tokens gain demand with the ongoing ChatGPT Vs Google situation, some cryptocurrencies are losing value.
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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.

Also Read: The Sandbox Join Hands With ZeptoLab To Enhance Web3 Experience

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.

 

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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.

Also Read: Crypto Price Update: SingularityNET (AGIX) Becomes Most-Purchased Tokens By ETH Whales

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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?

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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