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Cryptocurrencies themed on the latest artificial intelligence sensation DeepSeek sprang up overnight, running into millions of dollars in market valuation.
What happened: A Solana (CRYPTO: SOL)-based token, DeepSeek AI Agent, skyrocketed nearly 600% to a capitalization of $11.98 million in the last 24 hours, according to CoinMarketCap.
The coin’s volume soared 698% to $31.25 million over the last 24 hours, indicating massive demand among traders.
Another Solana-based token, Deepseek Ailifted over 50% in the 24 hours to half a million dollars worth of market value.
|
Cryptocurrency |
24 Hour Gains +/- |
Price (Recorded at 9:45 p.m. ET) |
|
DeepSeek AI Agent (DEEPSEEKAI) |
+591.18% |
$0.0000000002556 |
|
Deepseek Ai (DEEPSEEKAI) |
+51.40% |
$0.00000000001525 |
See Also: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here’s How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000
Why It Matters: Both of these coins were looking to profit from the hype surrounding China’s startup DeepSeekwhose cost-effective and groundbreaking AI model has challenged the dominance of U.S. companies in the evolving realm.
However, it should be noted that these tokens are unrelated to DeepSeek, and the firm has yet to make any announcements about its own cryptocurrency.
The other point to consider is that the liquidity of these coins is markedly low as they aren’t traded on major cryptocurrency exchanges and are currently only available on decentralized exchanges. This makes them susceptible to wild fluctuations.
Furthermore, CoinMarketCap released a disclaimer indicating that the coins’ circulation supply and market value had not been independently verified, requiring traders to exercise caution before proceeding with such coins.
Photo by Igor Faun on Shutterstock
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This article DeepSeek-Themed Crypto Explodes 600% On AI Disruption But Here’s Why You Should Be Cautious originally appeared on Benzinga.com
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