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The ChatGPT effect on AI-themed cryptocurrencies

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  • Lennart Ante
  • Ender Demir

Abstract

ChatGPT is an artificial intelligence (AI) chatbot that provides users with detailed responses and accurate answers to any questions. It has garnered significant attention after its launch in November 2022. We analyze the returns of AI-themed crypto assets around the launch and widespread attention towards ChatGPT. We reveal significant abnormal returns for AI tokens after the launch of ChatGPT, up to 41% over the course of two weeks. Moreover, 90% of tokens exhibit positive abnormal returns. This suggests that the attention towards ChatGPT and AI in general has transitioned to cryptocurrency markets, resulting in positive price effects for AI-related cryptocurrencies.

Suggested Citation

  • Lennart Ante & Ender Demir, 2024. "The ChatGPT effect on AI-themed cryptocurrencies," Economics and Business Letters, Oviedo University Press, vol. 13(1), pages 29-38.
    • Handle: RePEc:ove:journl:aid:19453
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    File URL: https://reunido.uniovi.es/index.php/EBL/article/view/19453
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    References listed on IDEAS

    as
    1. Saggu, Aman & Ante, Lennart, 2023. "The influence of ChatGPT on artificial intelligence related crypto assets: Evidence from a synthetic control analysis," Finance Research Letters, Elsevier, vol. 55(PB).
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