ChatGPT is perhaps the hottest overall tech trend this year. Everybody is using it and everybody is discussing its limitations, bias, and capabilities. AI is not only changing how we are using our computers or the internet. It will also change how we work. ChatGPT is already able to design and program applications, websites, and even news articles. This is astonishing and promising at the same time. It looks like the hype has also reached crypto and once again AI related tokens were pumping on news.

Are AI crypto projects related to ChatGPT and what caused the recent price surge?

Elon Musk did it again

One of Musk’s tweets might have had an impact on the price of SingularityNET (AGIX). Musk has been busy commenting on AI as well as its development on social media for quite some time. When he tweeted another meme, some investors believed that this was somehow connected to AGIX.

It is still unclear if this was even the case but the price of AGIX continued to rally along with other cryptos that are related to AI technology. These included The Graph (GRT), Fetch.ai (FET), and Ocean Protocol (OCEAN) among many others.

It appears that Musk is not the culprit this time and that two events caused the price surge. The first one was the quick recovery of Bitcoin. With BTC rallying other assets also recovered from the sell-offs we have seen in the first half of March. Apparently, some reacted weaker to that recovery than others which leads us to the second cause of the AI rally.

The launch of ChatGPT-4 influenced the market

The second event that had an influence on the price surge was the release of ChatGPT-4. Interestingly enough, none of the tokens or projects that were benefiting are connected to the AI service. Once again, the market has proven that it acts irrationally and that hype is created out of thin air.

It appears that many investors believe that the success of ChatGPT will sooner or later impact AI tokens and coins in a positive way. This theory isn’t far-fetched but nonetheless highly speculative. ChatGPT can continue to improve its product without ever touching blockchain-related technology.

That being said, it will be interesting to watch if blockchain-based AI technology is able to compete or contribute something new. Should that be the case, then AI tokens would indeed create a strong investment opportunity.

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