Which crypto-currency tokens will lose value due to the panic over ChatGPT Vs Google?

Amidst the hype over AI chatbots, Alphabet Inc, the parent company of Google, lost the value of its shares by about 8% on Wednesday, February 8, 2023. Google’s huge loss comes as traders share a sense of panic over OpenAI’s ChatGPT competition.

Several crypto tokens in the AI space have begun to dominate the crypto market in recent days after ChatGPT burst onto the scene. It is already speculated that AI tokens would continue to gain traction in the coming months, as the competition between Google and OpenAI intensifies. Unlike other technological breakthroughs, AI-based innovations take much less time to improve. In this context, traders are evaluating the potential synergy between crypto-currencies and AI technology.

Recently, there has been a significant increase in search traffic for the term “crypto AI” since January 2023. This directly translates to an interest in crypto-currencies working in the field of AI.

AI crypto tokens – huge potential

Google has already announced that’it will soon launch Google Bard, a chatbot powered by’AI. The announcement follows the meteoric rise in interest in AI chatbots like ChatGPT, and as a result, Google is working to quickly roll out its ChatGPT alternative. Such is the rise in interest in AI tokens that crypto-currencies like The Graph (GRT), a token ranked 40th by market capitalization, has more than doubled in value from a week ago. Big Data Protocol (BDP), a crypto-currency with a relatively small market cap, has skyrocketed only in the last week with a 10x growth in value.

Any other losing altcoins?

In the context of the huge expectations in AI tokens, other altcoins with non-AI use cases could lose incoming interest and liquidity from retail and institutional traders. However, it remains to be seen how long the interest in AI tokens will continue in the market. Are AI Crypto tokens the next bull run memecoins? Or will they be a bull trap?