The recent launch of OpenAI’s new generation model Sora has caused quite a stir. Continued discussions about the ethics of artificial intelligence, possible use cases, hundreds of new memes… And, somewhat unexpectedly, a crypto price rally, with multiple AI cryptocurrencies gaining over 100% in value this past week. But what brought this on, and will these AI cryptocurrencies keep going up?
Why Are AI Crypto Prices Going Up?
There are two obvious reasons for this rally: first, the groundwork that was laid out by the Bitcoin and altcoin rallies earlier this year, and, second, the recent launch of OpenAI’s video generation model Sora. The hype was then further amplified by NVIDIA’s earnings report, which is associated with the growing demand for hardware that can support some of the more resource-intensive AI applications.
“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” Jensen Huang, founder and CEO of NVIDIA.
As for why this hype ended up being reflected in crypto prices, well… Cryptocurrencies always thrive on hype and attention, and with artificial intelligence and blockchain technology having an overlap in industry participants, it is no surprise that AI crypto projects are now going up in value.
Top AI Crypto Projects To Get Now
There are already hundreds of AI cryptocurrencies on the market, with more being launched every week. The five projects below have not only proven themselves reliable but also shown promising returns.
SingularityNET (AGIX)
AGIX was one of the biggest winners of the February 2024 rally, gaining over 100% in value in just a week. It is the native token of SingularityNET, one of the world’s biggest and most established crypto AI platforms. This project has created what is essentially an AI marketplace — a blockchain-powered platform where anyone can ‘create, share, and monetize’ AI products and services. As AI becomes even more mainstream, a platform like this can see inflows of users — which will in turn benefit its native utility token AGIX.
SingularityNET’s team has had previous experience with working with AI. They are known for developing Sophia, the world’s ‘most expressive robot’. They are also working on developing an AI framework that can reach the level of human intelligence.
Worldcoin (WLD)
Although it’s not an AI crypto coin per se, Worldcoin still has a strong association with the world of artificial intelligence. Its parent company was founded by none other than Sam Altman, the famous OpenAI CEO. Additionally, Worldcoin also provides one of the best tools for the post-AI world: World ID, a unique form of verifying identity that could be instrumental in differentiating between man and machine.
Between these strong ties to the ramping up world of AI, the growing community — Worldcoin’s crypto wallet app has recently hit a massive milestone of 1 million daily users, — and a reliable team behind it, WLD has all the cards in its hand to extend its rally. However, the project is also not without faults. See the video below for an overview of some of the common concerns surrounding this project.
Ocean Protocol (OCEAN)
Ocean Protocol is a unique project that aims to fill the niche at the intersection of blockchain, data, and AI. It does this by creating tools and services that can facilitate seamless and secure data sharing as well as data commercialization. They have already introduced several new technologies to the industry, like token engineering, data tokens, and more. You can learn more about the project here. The dev team behind Ocean also has extensive experience in the fields of AI, big data, and blockchain.
OCEAN has surged 50% during the AI crypto rally and is showing a lot of purpose. It is one of the most promising AI cryptocurrencies.
The Graph (GRT)
GRT is the native token of The Graph — the Google of the blockchain world. It is an innovative protocol that can index and query data from blockchains in the same way the world’s biggest search engine does with websites. It can power dApps and other elements of the Web3 ecosystem.
GRT can be traded on a wide range of exchanges and is one of the most popular AI cryptocurrencies in the world. It went up by over 40% following the post-Sora launch rally. The GRT token is available on Ethereum, Solana, Arbitrum, Near, Sora, and the Avalanche C-Chain.
Fetch.AI (FET)
Fetch.ai is a relatively old project that was launched back in 2019. Its native cryptocurrency FET is currently one of the top 100 biggest cryptos by market cap and was also one of the top 30 tokens by daily trading volume. Fetch.ai is an AI lab that aims to build a permissionless and decentralized machine learning network that can enable anyone to connect and access secure databases.
Fetch.ai has the established trust of its extensive community, as well as a multitude of use cases, like optimization of any digital services that rely on large-scale databases. The FET token went up by over 100% in the last year and gained 70% during the recent AI crypto rally.
Are AI Cryptocurrencies Worth Investing In?
The hype is good and all, but is it going to last? This feels like the key evergreen question on the crypto market: how healthy are the long-term prospects of these AI + cryptocurrency projects?
This is a two-fold question. Firstly, you have to ask yourself: how long is ‘long term’ for you? Because for many crypto investors (and non-crypto investors, too), what matters most is how much profit they can make in a year or two. In this sense, AI crypto projects can be a great opportunity with their current potential and the monumental amount of attention they are getting right now.
Secondly, we have to discuss whether AI crypto projects can remain relevant in 3, 5, or 10 years. After all, both the cryptocurrency industry and the tech world tend to move on from trends: there are already predictions about the next big thing. So can AI and, by extension, AI cryptos outlast the hype and weather the inevitable bear market?
For now, the answer to this question seems to be ‘yes’. There are bound to be big regulatory changes in the field of AI, and the connection to blockchain might allow some projects to remain more decentralized. Additionally, AI is already being introduced to many established platforms: most major critics are concerned about generative AI, but it is just one of the branches of artificial intelligence-powered projects.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
