Articlediamond2024

The ChatGPT effect on AI-themed cryptocurrencies

27 citations0/0 files storedEconomics and Business Letters

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Financial Markets and Investment Strategies Blockchain Technology Applications and Security FinTech, Crowdfunding, Digital Finance

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.

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References

1970Efficient Capital Markets: A Review of Theory and Empirical Work 1985Using daily stock returns 1969The Adjustment of Stock Prices to New Information 1991Event-study methodology under conditions of event-induced variance 2004The Adaptive Markets Hypothesis 1991The Impact of Celebrity Spokespersons’ Perceived Image on Consumers’ Intention to Purchase 2013The Psychology of Interpersonal Relations 1994Transference in Interpersonal Relations: Inferences and Affect Based on Significant‐Other Representations

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