According to a recent market analysis, the first half of 2023 saw impressive growth across many industries, with virtual reality and meme coins taking the lead. According to the research data by CoinMarketCap, the market valuation of the Virtual Reality/Augmented Reality (VR/AR) sector skyrocketed by an astounding 704%.
Report also has it that the growing popularity of virtual reality technology, including gaming, entertainment, and education, are credited with this significant rise. Due to the possibility of large returns in a technology that can change the future, investors have started flocking to virtual reality tokens.
Another industry that entered the most-viewed list for the first time was AI & Big Data, which saw a 323% increase in market valuation during the first quarter of 2023. Investigation shows that introducing OpenAI’s ChatGPT was a key factor in this expansion.
Investors and enthusiasts alike showed great interest in the AI language model, which has been linked to the rise in the value of tokens related to AI. The hype surrounding meme coins was also responsible for the sudden increase in the first half of 2023.
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PEPE token stood out as the outstanding performer among the approximately 260 new meme coins mentioned in the research. Using the current meme coin hype, PEPE’s value increased by an astounding 3700X.
AGIX, FET, And PEPE Market Activities Demystified, Trend Explained
Data from CoinMarketCap says that the PEPE token increased by about 100% from its mid-June lows, thus, demonstrating the extreme volatility and propensity for dramatic swings witnessed in meme coins. A rise in interest in tokens related to artificial intelligence was seen in June, with SingularityNET (AGIX) and Fetch.ai (FET) rising over 40% from mid-June lows.
This demonstrated the market’s rising faith in AI technology and its potential use cases across various industries. While speaking on the development, Abdulkarim Abdulwahab, a cryptocurrency journalist with Coin Edition, explained that these patterns reflect the expanding importance of technology-driven sectors.
Abdulwahab added that while big data and Artificial Intelligence (AI) continue to enthrall investors and innovators with their seemingly limitless potential, virtual reality and augmented reality show promise as transformational technologies.
It was also gathered that Meme coins, particularly, have experienced exceptional growth, which has sparked worries about possible bubbles and the risks of such investments. With VR tokens and Pepe’s significant climb, the first half of 2023 demonstrated the volatile character of the cryptocurrency environment.
As of the time of writing, the price of FET lost 1.87% to arrive at $0.2234 in the last 24 hours. The market capitalization also closed with $183,354,252, while traders traded $25,078,862, with a 2.41% decline in the previous 24 hours.
PEPE closed trading at $0.00000000022, with a 3.41% in 24-hour trading – while closing its market capitalization at $92,889.26, with traders trading $6,796.44 showing a 46.96% drop compared with trading the previous day.