Crypto Fans Pile Into ‘Faddish’ AI Tokens as ChatGPT Mania Grows
Count on crypto fans to jump on any burgeoning trend as fast as they can.
Digital assets focused on artificial intelligence have been skyrocketing since OpenAI's chatbot known as ChatGPT became an internet phenomenon and spurred buzz about its future potential.
Nearly all the tokens classified under the AI category by CoinGecko have posted at least double-digit moves over the past week. SingularityDAO jumped 138% over a seven-day period. SingularityNET was 126% higher over that stretch while Artificial Liquid Intelligence rose 87%.
For market-watchers with long memories, it's reminiscent of other obsessions in the sector. This includes the phase when initial coin offerings were hot, or when a bunch of companies in 2018 jumped on the “blockchain” bandwagon by reinventing themselves — at least on paper — into crypto-adjacent firms.
“People are just riding the ChatGPT wave,” said Wilfred Daye, the former chief executive officer of Securitize Capital, a digital-asset management firm. “The phenomenon can last as long as the sentiment is around.”
ChatGPT has recently shown its prowess in everything from writing poems in the style of Shakespeare to creating stock portfolios. There's even an exchange-traded fund planned around the concept. And while tech behemoth Microsoft Corp. is investing billions in OpenAI, Google owner Alphabet Inc. has demonstrated its new artificial intelligence chatbot Bard after coming under pressure from ChatGPT's popularity. But even for crypto standards, where wild price swings are de rigueur, the surges in AI-linked tokens are eye-popping.
The phenomenon saw an extreme when the price of ARPA, the token of privacy-focused network also called ARPA, jumped by more than 10% over one hour on
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