SingularityNET

Fetch

In a span of less than two months, the market capitalization of 74 <a href="https://www.cryptopolitan.com/can-ai-be-regulated-under-what-terms/?swcfpc=1">artificial intelligence</a> (AI)-related cryptocurrencies have experienced a significant downturn. After reaching a remarkable valuation of $4 billion, the crypto AI economy has faced losses totaling $730 million. The three leading AI-driven crypto projects have all encountered double-digit losses, with decreases between 10% and 29.58% against the U.S. dollar in the last month.



<h2 id="declining-interest-in-crypto-ai-projects">Declining interest in crypto AI projects</h2>



Various sources of data indicate a diminishing interest in and valuation of crypto-AI projects. Google Trends&#8217; global search data reveals that the term &#8220;crypto ai&#8221; reached its peak in early February 2023, with a score of 100. However, the score has since dropped to a low of 22 in the past 90 days. The top five countries currently searching for &#8220;crypto ai&#8221; include Slovenia, the Netherlands, Cyprus, Lebanon, and Nigeria.



In February, the total <a href="https://www.forbes.com/uk/advisor/investing/cryptocurrency/top-10-artificial-intelligence-ai-cryptocurrencies/" data-type="URL" data-id="https://www.forbes.com/uk/advisor/investing/cryptocurrency/top-10-artificial-intelligence-ai-cryptocurrencies/" rel="nofollow noopener" target="_blank">cryptocurrency AI</a> economy achieved a milestone of $4 billion, propelled by significant gains among leading AI-centric cryptocurrencies. This surge followed a multibillion-dollar investment by Microsoft in OpenAI, the creators of ChatGPT. Since then, the sector has experienced considerable losses. According to data from cryptoslate.com, $730 million has been erased from the AI token economy&#8217;s value.



Graph (GRT), the largest crypto AI asset by market capitalization, has seen a 10.71% loss in the past month. SingularityNET (AGIX), the second largest AI-focused crypto asset, has fared even worse with a 29.58% decrease in the same time frame. Fetch (FET), the third largest AI token, has experienced a 14.36% drop in value over the past 30 days. Most of these losses occurred during the last week of trading, aligning with a general decline in the broader cryptocurrency market.



Collectively, the crypto tokens associated with artificial intelligence have experienced a 7.38% decline. The past week has been particularly challenging, with a recorded drop of 15.70%. As of now, the 24-hour global trade volume for the cryptocurrency AI sector stands at $325.58 million. In contrast, the cannabis-focused crypto sector has emerged as the top performer, with gains of 3.89% against the U.S. dollar in the past week, as per data from cryptoslate.com.

Decline in crypto AI economy: Market loses $730 million in value

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