Alright folks, let’s get real about this ChatGPT craze that’s taken the market by storm. These shady market players are jumping on the gravy train and trying to cash in on the hype. And let’s be honest, is it really surprising that scammers are trying to take advantage of the AI chatbot frenzy? I mean, Microsoft integrated OpenAI’s chatbots into their Bing search services, so it’s no wonder these scammers are seeing dollar signs.
But here’s the deal, we can’t let these scammers win. It’s time to take a closer look at how these tokens made their way onto the market, and whether the giants of the AI industry are involved. Let’s stay informed, stay skeptical, and keep our wallets safe.
AI Tokens: The Latest Market Craze or a Scammer’s Paradise?
What happens when the world of decentralized finance (DeFi) collides with the hype of artificial intelligence (AI)? Scammers come out to play, of course! In the past few weeks, hundreds of tokens have flooded the market, according to Yahoo Finance, with over 170 of them branded as ChatGPT tokens, taking advantage of the buzz around OpenAI’s chatbot technology.
But hey, who needs an actual connection to AI technology when you can slap the ChatGPT label on your token and watch the trading volumes soar? It’s a scammer’s paradise, with con artists even creating “BingChatGPT” tokens to cash in on the frenzy.
And while some of these tokens have managed to achieve sky-high valuations, others have quickly turned into pump-and-dump schemes, leaving investors with nothing but empty wallets.
So, how did they get into the market?
With a little technical know-how and no audit requirements, it’s cheap and easy to create new tokens on Ethereum and other blockchains and list them on DEXes like Uniswap and PancakeSwap.
And where are these bogus tokens popping up, you ask? Well, as it stated at CoinCodeCap, mostly on BNB Chain, but also on Ethereum and other blockchains like Solana, Arbitrum, OKChain, and Cronos.
But let’s face it, with the growing popularity of AI and DeFi, scammers will always find ways to exploit the hype and make a quick buck. It’s up to investors to do their due diligence and not get caught up in the ChatGPT madness.
OpenAI and Microsoft: Involved or Uninvolved?
Yo, what’s good? CNBC be hittin’ up OpenAI and Microsoft for some official word on whether they’re in the crypto game or not. And here’s the deal – neither of them has dropped any official news about diving into the world of cryptocurrency. These fake tokens have no official association with ChatGPT. They’re just some shady attempts to cash in on the hype.
But for now, it looks like OpenAI and Microsoft are chillin’ on the sidelines, sippin’ on some kombucha and watchin’ the market fluctuations. Can’t blame ’em though, things in the crypto world can get pretty cray-cray.
So there you have it, folks, they are keepin’ it low-key when it comes to the crypto scene. But who knows, maybe one day they’ll surprise us all with a big announcement. Until then, we’ll just have to keep HODLing and see what happens.
AI-Based Tokens: Real Innovation or Speculative Bubble? Conclusion
Amid the latest GPT update, CoinGecko data shows that AI-based token gains over the past week have been much higher than the rest of the market. However, we have raised concerns that the gains could be highly speculative.
While AI-based tokens may be generating impressive gains, investors should be wary of speculation and focus on real use cases that leverage the power of AI and blockchain. Don’t let the scammers win. Stay vigilant and keep your wallets safe.