As artificial intelligence hype seeps into the cryptocurrency space, risk-loving South Korean traders are making a big push into digital assets tied to the topic of artificial intelligence. The share of South Korean artificial intelligence tokens in global weekly trading volume rose from a low of 0.6% in mid-2023 to 18.7% in May, according to Kaiko data. Such tokens are typically issued by early-stage projects looking to deploy blockchain technology to artificial intelligence services - the utility of this combination has yet to be proven.
Research shows that many South Koreans are fascinated by artificial intelligence and cryptocurrencies. About 10% of the population has been exposed to tokens, and less volatile tokens (rather than market leaders Bitcoin and Ethereum) make up the bulk of local transactions.
Kaiko said that since February, the weekly trading volume of artificial intelligence tokens has averaged $8 billion, up from an all-time low of $300 million in mid-2023. Meanwhile, data from South Korea's securities depository showed that among the most popular overseas stocks for domestic investors this year, Nvidia Corp. and Microsoft Corp. ranked second and third, respectively.
Data: South Korean artificial intelligence token trading share rose to 18.7% in May
2024-06-01 22:06:21
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