While ChatGPT and Google compete for supremacy in the field of AI chatbots, AI tokens are saturating the cryptocurrency market. The Graph (GRT) and SingularityNET (AGIX), two cryptocurrencies related to the AI industry, had some price correction following a sharp increase during the previous week. In the meantime, there appears to be a lot of activity from The Graph's original staff or early investors in terms of unlocking assets. The significant increases have sparked conjecture for more gains in light of the enormous shift in wealth to the AI token category.
Coin Unlock for The Graph (GRT)
Due to the enormous interest in AI-based tokens, the GRT token increased by almost 200% at one point earlier in the week. Around this time, the original investors decided to unlock enormous amounts of their shares. The project team unlocked 36.8 million $GRT worth $7.35 million and sent around half of it to Coinbase as they continued their frenzy of GRT transfers at premium prices. 2.4 million $GRT worth $443,000 were then unlocked and transmitted to a staking service after that.
More Potential for GRT?
The system is typically made more secure by staking more tokens, which also increases incentives and passive revenue. According to market predictions and the competition between OpenAI and Google's chatbots, AI crypto tokens could pique investor interest.
As of this writing, the price of GRT is $0.172, down 15.91% from the previous day. The statements made by US Fed Chair Jerome Powell about the need to raise interest rates in the coming months received no response from the rest of the cryptocurrency market. Within a very narrow range, the price of Bitcoin (BTC) fluctuated in the hours following Powell's speech at The Economic Club of Washington, DC.