AI Tokens See Significant Surge, Led by Fetch.ai and Render Network
By: Isha Das
Artificial Intelligence (AI) tokens have displayed remarkable performance as key players like Fetch.ai and Render Network benefited from recent tailwinds, primarily driven by Nvidia's market dominance. This surge has catapulted these tokens into a favorable spotlight, outperforming various other crypto sectors.
The Fetch.ai token (FET) has shown a substantial 40% increase over the past month while Render Network's token (RNDR) has risen by approximately 30%. This positive momentum aligns with Nvidia's success, with the tech giant recently becoming the world's most valuable company, boasting a valuation of $3.34 trillion.
Role of Nvidia in AI Token Surge
Nvidia's rise has been significant, with its stock price almost doubling in 2023. Their dominance in providing essential AI chips is likened to 'new gold or oil in the tech sector' by analysts. This performance boost has propagated throughout the AI-linked token sector, which has risen by 14% within 24 hours.
Among the notable AI tokens riding on this trend are Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN). These tokens have exhibited gains of 24%, 23.5%, and 22%, respectively, in just a day.
Fetch.ai and Autonomous Agents
Fetch.ai, with its autonomous agents optimizing logistics, has experienced a significant recovery following a major price correction. Although still down 58% from its all-time high of $3.45 in March, its current price stands at $1.44, with a market cap of $3.6 billion. The continuing interest in AI applications could lead to further price increases.
The token's recovery has been bolstered by blockchain research indicating real-world applications for Fetch.ai. These include enhancing logistics by analyzing and predicting optimal routes, thus reducing costs and improving delivery times.
Long-Term Potential of AI-Based Crypto Tokens
Singularity Net's AGIX token, while following a similar trend, is trading at $0.6018, 58% lower than its March peak of $1.46. The protocol's AI marketplace enables the creation and monetization of AI services, hinting at future gains and growing investor interest.
Likewise, Ocean Protocol's OCEAN token, currently priced at $0.6094, has seen a 20% increase in trading volume over the past 24 hours. The protocol facilitates the exchange and monetization of data and data-based services, making it attractive for running AI-powered prediction or trading bots.
Chris Penrose, global head of business development for telco at Nvidia, remains confident about the future of AI-related crypto tokens. He highlights the transformative potential of generative AI and predicts further adoption. Financial firm Wedbush Securities supports this sentiment, forecasting an intense race among Nvidia, Apple, and Microsoft towards a significant market cap milestone over the next year.
Featured image from DALL-E, chart from TradingView.com
