AI token CryptoGPT is among the cryptocurrencies that have brought triple-percentage gains to traders and investors in 2023. New funding announced in the second week of April could expand the project’s ecosystem and reflect positively on its price.
The asset impressed during its first thirty days as a tradable token, data from CoinMarketCap shows.
GPT shot up by around 116% from March 10 to April 10 after opening and closing the periods with trading prices of $0.03814 and $0.07441 respectively.
Increased chatbot usage powers token surge
CryptoGPT has benefitted massively from the growing use of ChatGPT, a chatbot which has taken the world by storm and continues to help millions of people in their personal and professional lives.
After opening at less than $0.04 on the tenth day of March, GPT reached an all-time high (ATH) price of $0.1471 on March 17.
At the time, first movers on GPT took off with 286% in gains, and those who were patient enough for the first quarter of the year to close also made off with decent returns of 115%.
AI Token CryptoGPT to benefit from new AI assistant
On April 10, it was reported by multiple news outlets that Alex, an AI assistant, has been rolled out by the development team behind the project.
Aside from that, CryptoGPT is developing a zero-knowledge (ZK) rollup layer two blockchain, as well as a data-to-AI engine that will help with the collection, encryption, and transferring of data purely for commercial applications.
The company has also been the subject of a Series A funding round led by DWF Labs, which has taken its valuation to $250 million. With this, many analysts believe CryptoGPT’s aim of allowing users from all walks of life to earn money through the monetization of data across education, gaming, fitness, and dating will come to fruition.
Like many others in the blockchain-powered economy, CryptoGPT also plans to join the digital collectibles sector by rolling out NFTs that will store the data activity of owners.
Can GPT become a top AI and big data token?
As of April 10, GPT had a market capitalization of approximately $13 million, and this places the cryptocurrency below the top 30 AI and big data tokens by market value.
With more plans in the pipeline, GPT could soar and join the ranks of AI-powered digital currencies with more than $100 million in market value. However, that remains to be seen. And indeed, the project already has its critics: Blockworks co-founder Jason Yanowitz took to Twitter to call CryptoGPT “an outright scam,” adding, “I wouldn’t touch it with a 10 foot pole.”
Despite being a tradable token for 30 days, GPT is supported by eighteen centralized and decentralized exchanges including Bitfinex, Huobi Global, BitMart, Uniswap V3, and PancakeSwap V2.
UPDATE: As with many other crypto projects, there are no shortages of scam accusations with this one. MetaNews covered it here.
Disclaimer: Not financial advice, always DYOR.