The hugely popular Chat GPT has received a new update. It is expected to make the tool many times more advanced. The information circulated around the world and caused a real, but for the time being short-lived, price spike on AI-related tokens.
OpenAI once again influences the crypto market
The American startup, which is known for creating a tool based on artificial intelligence assumptions, has released another update for it. ChatGPT thus becomes many times more advanced than it was before. The tool has been enriched with new capabilities regarding search, which from now on will also accept an image, with text entered into it.
Recall that Chat GPT, released last November, became the application with the largest and by far the fastest user growth in the world. In doing so, it gave rise to the AI narrative, which caused a real price shot of tokens based on similar assumptions. We have already written about these coins in the pages of our press many times, predicting an increase in their price at the beginning of December last year.
As a result, cryptocurrency projects such as Fetch (FET), SingularityNET (AGIX) and Ocean Protocol (OCEAN) made increases of several hundred percent. This time, the AI narrative has again influenced their movements.
A sharp jump in the price of AI tokens
Just a few hours after the release of the update was enough for the aforementioned coins to surge again. Fetch (FET) led the way among them. This is the utility token powering Fetch.AI, a decentralized platform designed to provide the tools, as well as the infrastructure, to build areas of the digital economy centered around artificial intelligence. FET’s price jumped nearly 25%, bringing its price to the vicinity of $0.50. Unfortunately, the next day brings a rebound, causing all of the previous day’s increase to be wiped out at the time of this writing.
A very similar reaction was initially seen in SingularityNET (AGIX). Token made a jump of nearly 35% on the day of the release of the GPT Chat update. Over the next 24 hours, it managed to further boost its value, exceeding the price of $0.57. Later, however, it too lived to see a correction, but compared to FET, the market is proving more kind to it.
More speculation than adoption?
Despite the huge movements on AI tokens, there are voices saying that these increases are highly speculative. This opinion is voiced by CoinGecko’s head of research, Zhong Yang Chan, among others:
“The current wave of investment in AI cryptocurrencies is likely driven more by speculation than fundamentals. Beyond the initial hype, investors and builders should focus on meaningful use cases that combine AI and blockchain.”
