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Avid cryptocurrency investors have noticed a recent surge in artificial intelligence (AI) and big data related projects.
Can you guess why cryptocurrencies in this subsector have been on the rise lately? Type it into that ChatGPT thing – it will probably give you a half decent answer.
But never mind. It’s overloaded, and as you’ll find out the last time you checked it, it’s busy planning the demise of the human race and can pretty much tell you the answer anyway.AI and data are particularly hot topics right now. This may have something to do with the popularity and pervasiveness of AI chatbots mentioned earlier.
However, the market has cooled slightly today and most of these tokens have retreated a bit over the past few days ahead of uncertainty about the direction the US Federal Reserve will send prices.
So if there are any trends or beliefs that AI and data projects are likely to be a strong narrative again the next time the cryptocurrency market gets particularly bullish, now is the time to discuss some of them. is not such a bad time.
Graphs lead searches
the reason for the headline graph (GRT) was noted as the most searched AI/data related cryptocurrency over the past 12 months, with an average monthly global search volume of 8,100, through a recent study from tradingbrowser.com. . Time for a study that was published a few days ago.
This study analyzed Google search data for the top 100 AI tokens according to CoinMarketCap to reveal the most Google-searched AI-related coins.
Sometimes referred to as the “Google of cryptography,” Graph is a heavily VC-backed indexing for querying networks such as Ethereum and IPFS, along with many other top blockchains such as Near, Polygon, Avalanche, and Fantom. protocol, the list goes on. .
Multichain accelerated with The Graph Network ⏩
We are now announcing *four* new chains coming soon to our decentralized network via the MIPs program 🫡
Indexers add support for developers across the following chains, providing access to secure, reliable, and decentralized data ⬇️
— Graph (@graphprotocol) January 18, 2023
GRT emerged out of nowhere in late 2020 and surged to an all-time high of USD 2.81 in mid-February 2021. Since then, it has fallen about 97% from its short, hectic days, which is the usual story of cryptocurrencies.
However, a bit like the Chainlink oracle network, The Graph is something of a partnership beast, ranking in the top 100 by market capitalization, with a broad range of cooperative tentacles across the industry.
One of the reasons is its popularity among cryptocurrency developers. Because the protocol is designed to make their lives easier when it comes to building decentralized applications by providing a super fast and efficient means of querying the data they need from various blockchains. . network.
According to a study by Trading Browser, the term “Graph Crypto” was the most searched for last May.
GRT is down around 8% in the last 24 hours at the time of writing, but is up around 58% over the past month. With a market capitalization of US$777.5 million, about 88% of the total supply is currently in circulation.
AION, FET, CTXC, CQT
Rounding out the search for runner-up, according to research, are:
• aion (AION) has averaged 4,400 monthly searches over the last 12 months. Tokens are used to secure and access the Open Application Network and enable the execution of smart contracts and data transfers on other blockchains such as Ethereum. While this is an AI/data themed project, it is also fundamentally focused on interoperability.
In fact, in terms of how this fits into the AI or “big data” narrative, if you look a little deeper, it’s not entirely clear, other than that the two letters are A and I. .
AION token is up about 22% in the past month and has a market capitalization of about US$16.5 million.
• Fetch.ai (FET) won the bronze medal, averaging 2,400 monthly searches worldwide over the past year.
There is no problem sorting this out. According to crypto research firm Messari, Fetch.ai is a blockchain powered by AI technology that “builds a decentralized machine learning platform based on a distributed ledger, allowing anyone to share or exchange data.” Thing.
After dropping about 7% over the past 24 hours, the FET token is gaining momentum heading into 2023, rising 186% over the past 30 days. It has a market capitalization of US$272.2 million.
• cortex (CTXC) coin is the 4th most searched AI cryptocurrency on Google globally, with 1,900 monthly searches over the past 12 months, Trading Browser said.
“The first decentralized world computer capable of running AI and AI-powered dApps on the blockchain,” Cortex proudly declares on its website.
I’m not entirely sure if it equates to a pie shop proclaiming “World’s Best Pies”, but it’s a low market cap coin with about 70% of circulation, and it’s clearly getting a lot of attention. It might be worth it. Careful further investigation.
CTXC is up about 33% over the past month, with a market cap of just over US$44 million.
• Covalent bond (CQT), a direct data indexing/querying API competitor to The Graph, has garnered 1,300 searches per month over the past year. This makes it the fifth most Googled crypto in the big data and AI sector.
Which is better, Graph or Covalent? Graph has come before and may have some network advantage, but Messari explains the difference between the two technologies:
“Today, The Graph is best suited for projects that require specialized data sets, while Covalent is currently best suited for applications that require generic and broadly applicable data.”
Graff folks may not fully agree with this, but as top-line explainers, I’ll accept it for now until we can dig deeper ourselves.
CQT is up 21% over the last 30 days with a market cap of US$60.5 million.
In reference to this research, a Trading Browser spokesperson provided this comprehensive commentary on the subject of AI cryptography.
“Following Crypto’s turbulent journey over the past 12 months, many are looking for safer ways to trade and invest in Crypto. Detection, risk protection and autonomous trading opportunities.”
epilogue
Well, I probably shouldn’t have tempted fate by asking that question.
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