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As Dogecoin Surpasses Entire AI Crypto Sector, Crypto Analyst Emphasizes 'A Trillion Dollar Opportunity': 'You Are STILL Early'

Published 10/03/2024, 14:21
Updated 10/03/2024, 15:40
© Reuters. As Dogecoin Surpasses Entire AI Crypto Sector, Crypto Analyst Emphasizes 'A Trillion Dollar Opportunity': 'You Are STILL Early'
DOGE/USD
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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.

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.

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.

Read the original article on Benzinga

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