Artificial intelligence (AI)-related cryptocurrencies have experienced a significant decline in their market value. This comes at a time when Google search queries related to AI have reached an all-time high and retail investor interest has peaked.
Historically, increases in crypto-related Google search queries have coincided with major market peaks. This trend seems to confirm the logic of legendary investor Warren Buffet, who advocates buying during disasters and selling during booms. A similar dynamic now appears to be emerging in the market for AI-related tokens.
According to Coingecko data, AI-related cryptocurrencies such as FET, RNDR, TAO and GRT have seen their market caps drop by up to 30% in the last seven days. This decline coincides with Google Trends data showing that search interest in AI may have peaked.
FET was the fourth worst performing cryptocurrency among the top 100 cryptocurrencies last week
Google Trends, a widely used tool to measure general or individual investors' interest in trending topics, shows that over the past 12 months, the value of the search query “AI (artificial intelligence)” reached 100 last week. This score corresponds to the highest value observed in the last five years and indicates the highest popularity.
*This is not investment advice.