Is crypto mining contributing to the growth of AI?

As interest in artificial intelligence (AI) skyrocketed at the start of the year, analysis shows the end of the craze. Online searches for crypto AI have dropped significantly over the past seven days. Yet the market capitalization of the sector has increased over the same period.

A sharp drop in search traffic

Since the launch of OpenAI’s ChatGPT in early 2023, interest in AI has skyrocketed. Then, data from CryptoSlate showed that the market capitalization of the sector increased by 15.76% in the past seven days. Nevertheless, over the same period, there has been a drop of more than 64% in online searches for AI cryptos. Indeed, data from Google Trends shows a sharp drop in searches between February 6 and 10.

This recent drop is not related to the performance of the sector. Indeed, projects such as The Graph, Fetch or SingularityNET recorded significant gains last week. The drop in crypto AI search traffic may have a correlation to Bitcoin. This indeed suggests that the AI ​​bubble may have burst.

Searches for AI cryptos drop
Searches for AI cryptos are dropping – Source: Google trends

What future for crypto AI?

This situation reminds us of Facebook’s change to Meta in November 2021. Back then, Metaverse-related projects experienced an unprecedented explosion. Such is the case of The Sandbox (SAND) which recorded an increase of 998%. But when the hype ended, the token plunged. Thus, traders’ interest in crypto AI projects may decrease. This implies that projects with strong and solid communities will be tested.

However, most AI coins are still well below their all-time highs. Such is the case for the top 10 AI crypto projects, which are at least -72% off their peak. However, the hype of the metaverse has allowed the main metaverse tokens to reach heights never before recorded.

So, it can be inferred that even though the initial AI crypto craze has come to an end, the industry is far from dead.

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