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A recent report from data analytics firm Kaiko revealed decreased trading activity for AI-related tokens.
The report analyzed weekly trading volumes for some of the most popular AI-related tokens, such as Fetch.ai (FET), Injective (INJ), Oasis Network (ROSE), Render (RNDR), SingularityNET (AGIX), and The Graph (GRT). According to Kaiko’s findings, these tokens have experienced the lowest weekly trading volume since the beginning of the year.
Graph showing the weekly trading volume for AI-related tokens from September 2022 to July 2023 (Source: Kaiko)
Data from CryptoSlate also reflects the struggles of the AI token sector to maintain its momentum. Evaluations of the top five AI coins by market cap indicate a relatively flat performance, with these tokens recovering most of their losses from the previous week.
However, despite these price recoveries, it is critical to remember that price is not always an accurate measure of overall performance; trading volume often provides a more telling gauge of a token’s vitality.
| Rank | Project Name | Symbol | Current Price | Daily Change | Weekly Change | % Down from ATH |
|---|---|---|---|---|---|---|
| 1 | The Graph | GRT | $0.11323 | +4.13% | -2.76% | -96% |
| 2 | SingularityNET | AGIX | $0.22506 | +4.03% | -5.59% | -88% |
| 3 | Ocean Protocol | OCEAN | $0.35689 | +3.04% | -7.06% | -82% |
| 4 | Fetch | FET | $0.21597 | +2.73% | -4.96% | -82% |
| 5 | dKargo | DKA | $0.03091 | +1.4% | -0.5% | -88% |
Various factors may have contributed to the observed decrease in trading activity, although any definitive reasons for this trend are speculative.
For one, the general market sentiment may impact AI-related tokens, given the recent dip in the broader cryptocurrency market.
Moreover, specific factors unique to the AI cryptocurrency sector, such as regulatory issues, could also be responsible for the decline.
This decrease in trading volume raises numerous questions regarding the future trajectory of the AI-token market. While it’s too early to draw definite conclusions, it’s clear that these developments warrant careful monitoring by investors, traders, and market analysts.
Despite these uncertain times, one thing remains constant: the dynamism and unpredictability of the cryptocurrency world.
The post AI tokens see the lowest weekly trading volume this year appeared first on CryptoSlate.
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