Dogemoneta DOGE/USD has surpassed the entire artificial intelligence (AI) cryptocurrency market sector in terms of market capitalization.
Friday, cryptocurrency analyst German miles shared this insight on X, highlighting the meme coin’s significant achievements against the backdrop of the burgeoning AI crypto space.
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This development highlights the meme coin’s enduring popularity and the speculative nature surrounding AI-themed cryptocurrencies, which Deutscher suggested may be more a matter of hype than actual technological progress.
While AI coins are proxies for major AI events and conferences, Deutscher cautioned that not all of them possess real AI technology. Instead, “AI” is often used as a buzzword to attract attention and investment.
Despite AI being ranked as the 20th largest sector, with a total value slightly less than Dogecoin’s market capitalization, Deutscher believes AI will rise into the top five to ten sectors in the coming years.
However, the rise of AI in the cryptocurrency industry has also led to a rise in AI-based scams, with deepfake videos of prominent crypto figures being used to deceive investors.
Such advances in AI technology pose significant challenges in distinguishing between authentic and fraudulent content.
At the time of writing, DOGE was trading at $0.1732, up 24% over the past seven days.
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