The Graph (GRT) surges by 18% as AI tokens rally following GPT-4 release

Updated: 17 March 2023

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The Graph (GRT), one of the crypto industry’s indexing protocols, has seen its value rise up by 18% in the last 24 hours. The project’s new bull run is believed to be a result of the recent release of the new version of ChatGPT. The popular AI bot recently published its version 4, popularly known as GPT-4. Soon after that, AI-related tokens started attracting investors as well, which led to an increase in their price in the second half of this week.

GM ☕️
I have decided to be more active, to provide you with the latest updates – hope you enjoy🫡$GRT with beautiful retest of my blue trendline (blue arrow). MACD (1d) has confirmed the bullish trend reversal (yellow circle). #TheGraph consolidates directly under resistance ⏳ pic.twitter.com/4WaoZM9CSH

— Niklas Theisen (@NiklasTheisen) March 17, 2023

GPT-4 release sparks AI-token surge

The company that created ChatGPT, OpenAI, released the new version of the bot recently, announcing it in a blog post this Tuesday. The new release fascinated the tech community, as OpenAI shared the results of its recent testing, revealing that the bot can pass high school and law school exams with a score around the top 10% of test takers.

In contrast, the bot’s previous version, v3.5, scored in the bottom 10% when it tried taking the same tests. In other words, the new version is significantly more capable, showing great promise.

Soon after the release, AI-related tokens started seeing notable price growth. Apart from The Graph’s 18% surge, SingularityNET (AGIX) also went up by 16%. This project emerged as a decentralized Artificial Intelligence marketplace that runs on blockchain technology. CoinMarketCap shared that Top AI and Big Data tokens have severely outperformed the rest of the industry, including Bitcoin and Ethereum themselves.

Crypto and AI could form a complementary relationship

Managing partner at the blockchain consultancy company Storm Partners, Sheraz Ahmed, commented on the new development. He said:

AI could be a threatening technology for some in the Web3 space as it immediately achieved widespread mass adoption through the launch of chat GPT almost overnight.

Ahmed also noted that AI tokens are currently leading the charge, and that they are likely to continue doing so, especially as AI continues to become more and more sophisticated. He called AI a “fantastic opportunity for crypto,” predicting that the two emerging technologies are more than likely to form some sort of a symbiotic complementary relationship moving forward.

The Graph itself is an indexing protocol, and it is fully open-source. Its purpose is to collect, process, and store information that comes from different blockchain applications. As such, it eliminates the dependency for data consumers, such as app devs, to expand complex infrastructure in order to gather data from the chain.

At this time, the project is supporting indexing data that comes from 26 different networks. Some of the biggest examples include Ethereum, Polygon, Arbitrium, Celo, Near, Optimism, Avalanche, Moonbeam, IPFS, and Fantom.

⛓️ The Graph Network is adding support for a new chain! @FantomFDN is soon coming to the decentralized network via the MIPs program 🫡

Core devs & Indexers are working to enable developers on Fantom to use The Graph’s decentralized network to power their dapps! pic.twitter.com/B8CglePrt1

— The Graph (@graphprotocol) March 7, 2023