‘You Are STILL Early’ By Benzinga
© Reuters. As Dogecoin Surpasses Entire AI Crypto Sector, Crypto Analyst Emphasizes ‘A Trillion Dollar Opportunity’: ‘You Are STILL Early’
Benzinga – by Bibhu Pattnaik, Benzinga Staff Writer.
Dogecoin (CRYPTO: DOGE) has outpaced the entire artificial intelligence (AI) crypto market sector in terms of market capitalization.
On Friday, cryptocurrency analyst Miles Deutscher shared this insight on X, highlighting the meme coin’s significant achievement against the backdrop of the burgeoning AI crypto space.
AI will be one of the biggest bubbles in financial history.
But it’s just getting started.
Even $DOGE’s market cap is bigger than the ENTIRE AI crypto sector.
This is a trillion dollar opportunity, and you are STILL early.
: My ULTIMATE crypto x AI guide (+ top picks).
— Miles Deutscher (@milesdeutscher) March 8, 2024
Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
This development underscores the meme coin’s enduring popularity and the speculative nature surrounding AI-themed cryptocurrencies, which Deutscher suggested may be more about hype than actual technological advancement.
While AI coins are proxies for major AI events and conferences, Deutscher cautioned that not all possess genuine AI technology. Instead, “AI” is often used as a buzzword to attract attention and investment.
For this reason, “AI coins” have been great proxies into major AI events and conferences, and will likely be for the foreseeable future.
Here’s the truth, however: Most AI coins aren’t actually AI. They are simply leveraging AI as a buzzword to generate hype.
— Miles Deutscher (@milesdeutscher) March 8, 2024
Despite AI’s ranking as the 20th sector by size, with a total value slightly below Dogecoin’s market cap, Deutscher believes AI will ascend to the top five to 10 sectors in the coming years.
However, the rise of AI in the crypto space has also led to an increase in AI-based scams, with deepfake videos of prominent crypto figures being used to deceive investors.
Such advancements in AI technology pose significant challenges in distinguishing between genuine and fraudulent content.
At the time of writing, DOGE was at $0.1732, up by 24% in the last seven days.
Now Read: As Dogecoin Jumps 18%, Founder Billy Markus Cracks Joke About Crypto Community: ‘If You Take Offense To This …’
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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