According to a report by data source Kaiko, the AI Coin industry continues to develop despite concerns surrounding Worldcoin. This altcoin sector managed to reach new highs in trading volume amid stagnant market conditions.
Kaiko pointed to the power of AI-focused altcoin projects
According to the latest data from Kaiko, AI Coins reached approximately $870 million in terms of transaction volume, up from $570 million at the end of July. Meanwhile, Bitcoin and altcoin markets continued their horizontal movements.
Worldcoin’s launch in July put the spotlight on artificial intelligence-powered tokens (AI tokens) for weeks. Kaiko’s latest data shows that the AI industry is showing resilience despite the controversy surrounding Worldcoin’s launch.
📊Despite #Worldcoin 's controversial launch at the end of July, the weekly trade volume for AI-affiliated tokens remained subdued in August. pic.twitter.com/gq8iEgNTPG
— Kaiko (@KaikoData) September 9, 2023
According to the report, transaction volume of AI-focused altcoin projects remained stable throughout the past month. Research shows volume increased to approximately $870 million from $570 million at the end of July. However, there is a significant decrease compared to volume at the beginning of the year.
Changes in global risk perception negatively affected interest in AI projects in July, according to Kaiko analyst Dessislava Ianeva. In particular, the total open interest of five leading AI tokens, including FET, GRT, RNDR, OCEAN, and ROSE, dropped from $170 million to $60 million from February to August.
Worldcoin is under investigation in multiple countries
Worldcoin (WLD) made its debut on July 24, 2023. The new generation project quickly attracted the attention of the altcoin community. Interest in the altcoin project is primarily attributed to co-founder Sam Altman, who serves as OpenAI’s CEO. However, Worldcoin (WLD) has been in a downtrend lately. Today, it moved upwards by around 2%.
Worldcoin’s primary goal is to create a network consisting only of real people, excluding automated bots. The San Francisco-based company plans to give ‘World IDs’ to people around the world. It aims for a future where individuals can interact with “global” websites without needing to disclose personal information such as name, phone number or email address.
However, global regulators and privacy advocates have raised significant concerns about the initiative, pointing to what they see as a lack of clarity in the organization’s data collection procedures. The collection of extensive personal data by a single organization raises significant concerns about data privacy. cryptokoin.comAs we reported, the altcoin project is currently under investigation in the UK.
