AI-Related Cryptocurrencies Slide Amid Peak Search Interest

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Recent spikes in Google search queries for artificial intelligence appear to be coinciding with a significant downturn in the market value of AI-related crypto tokens. This trend supports legendary investor Warren Buffett’s adage to “buy in doom and sell in boom.”

A Fall of AI-Related Tokens

Bitcoin (BTC) has seen a decline of 2.8%, while the broader market has fallen by 6%. In contrast, top AI-related crypto tokens such as The Graph (GRT), Render Token (RNDR), Fetch.ai (FET), and Lamden (TAO),  have experienced substantial declines.

Their market values have dropped by up to 30% in the past week, according to latest data. This market downturn aligns with Google Trends data showing that search interest in artificial intelligence has possibly reached its peak.

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A Rise in Interest for AI 

Google Trends is a valuable tool for gauging retail investor interest in trending topics. It provides a numerical value for search queries over time. For the term “AI,” the value hit 100 last week, representing peak popularity—the highest number of searches observed for this query in a given period over the past 12 months. This peak matches the highest search interest observed over the past five years.

More existing and potential retail investors are seeking information about AI and companies like Nasdaq-listed chipmaker Nvidia (NVDA), which is seen as a giant in AI-related developments.

While Google Trends is only indicative, it can be a useful indicator of retail investor behavior. The masses often act on emotion, typically being the last to enter a bull market and the last to exit a bear market. Historical data shows that search spikes for Bitcoin coincided with its respective price peak in May 2021.

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A Word of Caution

The market’s current downturn aligns with historical patterns where retail investor enthusiasm peaks just as the market begins to correct. However, Jeremy Grantham, Chief Investment Strategist at GMO, believes that the recent rally could be a bubble within a bubble that may soon burst. He states:

“This second investment bubble in AI will at least temporarily deflate and probably facilitate a more normal ending to the original bubble, which we paused in December 2022 to admire the AI stocks.”

For those considering investments in AI-related cryptocurrencies, this should prompt caution.

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