AI coins are experiencing widespread decline in value. Several major tokens, including The Graph’s GRT, Fetch.AI, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN, have seen a drop in price ranging from 2% to 5%. So why?
Why did artificial intelligence coins fall?
This drop in token values follows President Joe Biden’s announcement on Tuesday of an Executive Order focused on ensuring the safe and reliable development and use of artificial intelligence (AI). The order aims to address potential threats associated with artificial intelligence technology. The order states, “Responsible use of AI has the potential to help solve pressing challenges while making our world more prosperous, productive, innovative and secure… Irresponsible use can increase societal harms such as fraud, discrimination, bias and disinformation; It can displace and disempower workers. “It could stifle competition and pose a risk to national security.”
According to data, Render witnessed a 5% drop in value, while Fetch.AI and Singularity Network experienced drops of 1.5% and 5.2% respectively in the last 24 hours. The dominance of AI tokens peaked in the first quarter of this year, largely driven by the attention ChatGPT garnered. However, in the second quarter, both enthusiasm and demand for these cryptocurrencies waned, leading to a decline in their value. However, this trend is expected to potentially reverse in the coming days as the company behind ChatGPT prepares to reignite interest in artificial intelligence.
AI development continues
Powered by Artificial Intelligence, ChatGPT has emerged as one of the most successful applications in the field of artificial intelligence. OpenAI, the company responsible for ChatGPT, is holding its first developer conference called OpenAI DevDay, scheduled for November 6. This news highlights the significant impact of Biden’s Executive Order on the AI token market. As concerns about responsible AI use grow, investors are reacting to uncertainty in the market. We will see how these tokens perform in the coming days as the AI community and related projects respond to the evolving regulatory environment and strive for responsible and safe AI development.
As a result, AI-related tokens are experiencing widespread value decline. This drop in token values follows President Joe Biden’s announcement on Tuesday of an Executive Order focused on ensuring the safe and reliable development and use of artificial intelligence (AI). The order aims to address potential threats associated with artificial intelligence technology. Given these developments, market analysts are closely monitoring the AI token market and expect further volatility as the industry adapts to the changing regulatory environment. Investors and experts are eager to see how AI projects and cryptocurrencies will respond to the call for responsible AI development. The OpenAI DevDay event on November 6 is expected to provide more insight into the future of AI-related tokens.