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Contents
- DOGE left all AI cryptocurrencies behind, and a “big secret” about AI coins was revealed
- AI-based cryptocurrency scams are expanding their reach
In a recent tweet, cryptocurrency analyst Miles Deutscher touched on the topic of AI, sharing his predictions on how AI will continue to expand especially in the cryptocurrency space. He also named an important metric by which the DOGE meme outperforms the entire AI-based crypto sector.
DOGE left all AI cryptocurrencies behind, and a “big secret” about AI coins was revealed
The analyst indicated that he expects artificial intelligence and the products that will be powered by it in the future to become one of the largest bubbles in the history of financial markets. So far, it's just getting started, he tweeted and then noted that Dogecoin's market capitalization is larger than the entire market for AI-powered cryptocurrencies combined.
While he predicted it would be a financial bubble, Deutscher said the sector offered a “trillion-dollar opportunity.”
Furthermore, he believes that AI coins have been “great surrogates at major AI events and conferences,” and expects them to remain so in the near future as well.
The analyst also revealed that he does not believe all “AI cryptocurrencies” contain any actual AI technology. Instead, AI is nothing more than a buzzword in order to generate a lot of hype around these currencies.
According to data from Miles Deutscher, artificial intelligence (believed to be the most disruptive technological achievement of this century) currently ranks only 20th in terms of sector size, and its total value is slightly lower than Dogecoin's market capitalization figure.
Deutscher believes that within the next few years, AI will ascend into top 5-0 sector territory.
AI-based cryptocurrency scams are expanding their reach
While AI technology continues to make impressive progress daily, it is not only cryptocurrency developers who are taking advantage of it, but also cryptocurrency scammers. There have been several cases where scammers have created deepfake videos featuring prominent leaders in the cryptocurrency space. Among them are Ripple CEO Brad Garlinghouse and Cardano blockchain founder Charles Hoskinson.
The resemblance to the real characters in these videos is striking, and Hoskinson stated that within the next few years, AI-generated deepfakes will become so sophisticated that it will be impossible to distinguish fake fraud from reality.
