On November 30, research laboratory OpenAI unveiled ChatGPT, a natural language processing model that is designed to be able to interact conversationally. From answering simple queries to generating smart contracts, the Artificial Intelligence (AI) tool has been the new trending topic on the Internet and widely tested by users – including among the Crypto Twitter (CT) community.
With the hype around ChatGPT, cryptocurrency punters bought into tokens related to AI, pushing up token prices since the chatbot’s launch.
OpenAI’s ChatGPT causes Artificial Intelligence token prices to surge by up to 77%.
DeepBrain Chain (DBC) posted the most gains with a 76.7% jump in token price within a week of ChatGPT being launched, from $0.00050 on November 30 to $0.00089 on December 6.
Numeraire (NMR), the largest AI token by market capitalization, saw its price increase by 54.5% in the same period from $11.26 to $17.40. This was mainly due to NMR’s largest single-day spike of 49.9% up from $11.61 on December 5, which broke the token price away from sideways trending levels in the previous weeks.
That said, both DBC and NMR are down significantly from their all-time highs of $0.66 (January 9, 2018) and $93.15 (May 16, 2021) respectively.
Not all AI tokens experienced significant gains
While the ChatGPT launch was a price catalyst for several AI-related cryptocurrencies, not all AI tokens benefited to the same extent as DBC and NMR.
Fetch.ai (FET) and SingularityNET (AGIX) prices rose slightly by 10.1% and 7.0% respectively in the week since ChatGPT went live. However, this was in line with the general cryptocurrency market, which appreciated around 2.3% over the week.
Meanwhile, Alethea Artificial Liquid Intelligence (ALI) instead saw its price dip by 3.2% in the same period. The price pump for ALI only took place a day later on December 7 to reach $0.012, which represented an increase of 24.3% from November 30.
Methodology
The study examined prices of five tokens associated with AI from ChatGPT’s launch date on November 30, to December 6. Tokens across a range of market capitalizations were selected from CoinGecko’s AI category, namely Numeraire, Fetch.ai, SingularityNET, Alethea and DeepBrain Chain.
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Curious to find out more about our previous research studies? Check out this one we did on Top 15 Football Fan Tokens by Daily Average Trading Volume.
Shaun is a Research Associate at CoinGecko with a fondness for memes and farming on the blockchain. Follow the author on Twitter @ShaunPaulLee
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