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Artificial intelligence (AI) based crypto assets have taken a hit as the bear market continues. Despite the launch of Worldcoin, the excitement for everything related to AI did not extend to technology-based crypto assets this year. According to Kaiko’s latest transaction data, the weekly trading volume for AI-related tokens remained stagnant in August.
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The data analyzed the trading volume of the top five AI tokens which are SingularityNET (AGIX), Fetch.ai (FET), The Graph (GRT), Render (RNDR), and Worldcoin (WLD). AKT, OCEAN, and ROSE were also examined together.
The total trading volume for AI tokens reached nearly $7 billion at the beginning of the year. According to the data, this figure dropped below $1 billion by the end of August. This happened despite the release of Worldcoin in July.
Worldcoin (WLD) provided a small boost to the trading volume of AI tokens, but they have remained steady since the decline began in May when the sentiment first started to wane. As is often the case in a bear market, when investment confidence is low and prices remain stagnant, sensitivity to AI tokens decreases.
Worldcoin prices followed the typical token launch rise and fall model. WLD was above $3 on launch day but has lost over 67% of its value in just seven weeks since then. According to CoinGecko’s AI token category, Render became the largest AI altcoin by market value. RNDR did not perform as poorly compared to its competitors and gained nearly 10% in value last week. Additionally, Fetch.ai moved in the opposite direction and experienced a 13% drop last week, with FET falling to $0.232.
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SingularityNET, the third-largest AI token on the list, also had a tough week, dropping over 8% and trading at $0.177 at the time of writing. Furthermore, The Graph has been in the red recently. GRT lost 6.5% last week and experienced a 97% drop from its peak.
Currently, there doesn’t seem to be any sympathy for any AI-based or other altcoins. Asian markets started the week in the red again on Monday morning, with a total value of $1.07 trillion, down 0.7%.
