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    Over $1 Billion in Value Lost in AI-Centric Crypto Market in 90 Days

    Around 90 days ago, the market value of 74 digital currencies driven by AI was more than $4 billion. However, in the intervening period, the market has suffered a loss of over $1 billion in value.

    Market Loses $1 Billion as AI-Driven Cryptocurrencies Experience Decline

    The beginning of 2023 saw significant demand for products incorporating artificial intelligence (AI), with a surge in AI-focused software throughout the year. This trend spread to the cryptocurrency market, resulting in the emergence of 74 AI-centric tokens, valued at $4.03 billion by February-end. The AI crypto market reached its peak on February 27, 2023, with a 24-hour trade volume of $444.39 million.

    However, both the trade volume and market valuation in the AI crypto sector have substantially decreased. Presently, cryptoslate.com data reveals that 89 crypto assets linked to AI are valued at $2.93 billion. In the past 90 days, $1.1 billion in value exited the AI crypto space, despite the introduction of 15 additional AI-centric tokens. On May 28, AI-focused tokens witnessed trades worth around $409 million.

    Source: cryptoslate.com 

    When the AI-crypto market peaked at $4 billion, it accounted for 0.37% of the overall crypto market’s net worth. However, it now makes up only 0.26% of the complete crypto economy’s total value over the weekend. In the past month, the top five AI crypto assets have suffered losses.

    The largest AI crypto by market cap, Graph (GRT), lost 12.27%. Singularitynet (AGIX), ranking second in terms of market capitalization among AI cryptos, lost 8.25% against the U.S. dollar during this period. Ocean Protocol (OCEAN) experienced a decline of 3.66% against the USD, while Fetch (FET) encountered the most significant losses among the top five AI currencies in the past month, dropping 22.84%. As for iexec rlc (RLC), the fifth largest AI coin based on market cap, it saw minimal losses of merely 0.05% within the last 30 days.

    Despite these losses, all five experienced 24-hour gains, and two of the top five AI tokens by market cap recorded seven-day gains — including AGIX increasing by 4.29% and OCEAN rising by 6.95% over the past week.

    The recent downturn in the AI crypto market raises the question of whether it is a temporary setback or indicative of deeper challenges. Share your thoughts and predictions in the comments section below.

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