Crypto analyst highlights 'trillion-dollar opportunity' as Dogecoin outperforms overall AI crypto sector: 'It's still too early'

dogecoin (CRYPTO: DOGE) has outperformed the entire artificial intelligence (AI) cryptocurrency market sector in terms of market capitalization.

On Friday, cryptocurrency analysts said: Miles Deutscher shared this insight on X, highlighting the memecoin's significant achievements against the backdrop of the burgeoning AI crypto space.

AI will be one of the biggest bubbles in financial history.

But it's just the beginning.

flat $DogeIts market capitalization is larger than the entire AI crypto sector.

This is a $1 trillion opportunity, but it's still too early.

: My Ultimate Cryptocurrency x AI Guide (+ Top Picks).

— Miles Deutscher (@milesdeutscher) March 8, 2024

Also Read: Forget Dogecoin and Shiba Inu — This Meme Coin Soared Nearly 70% in Just 24 Hours

The development highlights the enduring popularity of memecoins and the speculative nature surrounding AI-themed cryptocurrencies, which Deutscher said may be more hype than actual technological advances. he suggested.

While AI coins are proxies for major AI events and conferences, Deutscher cautioned that not all of them feature real AI technology. Instead, “AI” is often used as a buzzword to attract attention and investment.

For this reason, “AI Coin” is a great agency for major AI events and conferences, and will probably continue to be so in the near future.

However, this is the truth. Most AI coins are not actually AI. They are just using AI as a buzzword to create hype.

— Miles Deutscher (@milesdeutscher) March 8, 2024

Despite AI ranking as the 20th sector by size, with a total value slightly below Dogecoin's market cap, Deutscher believes AI will rise to the top five to 10 sectors in the next few years. I believe.

However, the rise of AI in the crypto space has also led to an increase in AI-based fraud, such as deepfake videos of prominent crypto figures being used to defraud investors.

These advances in AI technology pose significant challenges in distinguishing between genuine and fraudulent content.

At the time of writing, DOGE was trading at $0.1732, up 24% over the past seven days.

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