AI Meme Token Bubble Bursts: Web3 Shifts Focus to AI Innovation

The craze for AI-powered meme tokens has begun to subside, according to CoinFund CEO Jake Brukhman. In a recent statement, Brukhman noted that retail speculators had attempted to capitalize on the AI trend to boost the prices of their meme coins. However, as the prices of these coins have fallen, investors are now exiting the market. Meanwhile, companies in the Web3 space are focusing on tackling the most challenging problems in the AI field, aiming to create new frontiers and advance technological development.

Prior to Brukhman's comments, Ejaaz, co-founder of Aiccelerate DAO, had stated that crypto AI was becoming a non-consensus bet. He believed that open-source models were catching up with the best models, and AI's overall cognitive share was continuing to rise. Ejaaz expressed optimism about the future of AI in the crypto industry, despite the time required for development.

As the AI meme token craze subsides, the focus in the Web3 space is shifting towards more innovative and challenging projects. Companies are exploring new frontiers in AI technology, aiming to create breakthroughs that will drive the industry forward. While the market for AI-powered meme tokens may have reached its peak, the potential for AI in the crypto industry remains vast and promising.