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Contents
- DOGE Surpasses All AI Cryptocurrencies, Revealing a “Big Secret” About AI Coins
- Expansion of AI-Based Crypto Scams
In a recent tweet, cryptocurrency analyst Miles Deutscher delved into the AI landscape, sharing insights on how artificial intelligence is poised to further permeate the cryptocurrency realm. He highlighted a crucial metric showcasing how the DOGE meme coin outshines the entire AI crypto sector.
DOGE Surpasses All AI Cryptocurrencies, Revealing a “Big Secret” About AI Coins
Deutscher emphasized his anticipation of artificial intelligence and its derivative products emerging as one of the largest bubbles in financial history. While acknowledging that this trend is just commencing, he noted that Dogecoin’s market capitalization outweighs the collective market cap of AI cryptocurrencies.
Despite foreseeing a financial bubble, Deutscher underscored that this domain presents a trillion-dollar opportunity.
AI will be one of the biggest bubbles in financial history.
However, we are only at the beginning stage.
Even the market capitalization of $DOGE exceeds that of the ENTIRE AI crypto sector.
This represents a trillion-dollar opportunity, and you are still an early adopter.
🧵: My ULTIMATE crypto x AI guide (+ top picks).👇
— Miles Deutscher (@milesdeutscher) March 8, 2024
Furthermore, he suggested that AI coins serve as effective indicators of significant AI events and conferences, a trend he anticipates continuing in the foreseeable future.
Deutscher also disclosed his skepticism regarding the authenticity of “AI cryptocurrencies,” asserting that many of them lack genuine AI technology. Instead, AI is merely utilized as a buzzword to drive hype around these digital assets.
Consequently, “AI coins” have served as valuable proxies for prominent AI events and conferences, likely retaining this role in the coming years.
The reality, however, is that most AI coins do not truly incorporate AI technology. They leverage AI as a marketing buzzword to fuel excitement.
— Miles Deutscher (@milesdeutscher) March 8, 2024
Based on Deutscher’s analysis, AI, which he considers the most disruptive technological advancement of the century, currently ranks 20th in terms of sector size, with its total value slightly trailing Dogecoin’s market capitalization. He predicts that AI will ascend to the top 5-0 sector range in the next few years.
Expansion of AI-Based Crypto Scams
While AI technology continues to advance significantly on a daily basis, it is not solely crypto developers leveraging its capabilities but also cryptocurrency scammers. Numerous instances have surfaced where fraudsters have created deepfake videos featuring prominent figures in the crypto sphere, such as Ripple CEO Brad Garlinghouse and Cardano blockchain founder Charles Hoskinson.
These deepfakes exhibit remarkable resemblances to the genuine individuals, prompting Hoskinson to warn that within the next few years, AI-generated deepfakes will reach a level of sophistication where distinguishing between a fraudulent fake and reality will become increasingly challenging.
