beincrypto.com
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.
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.
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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.
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.