Blockchain tokens linked to artificial intelligence (AI) witnessed significant gains in the three months leading up to January 2024 as outlined in a report from Binance Research.
Excluding meme coins, the tokens ranked as the second-highest performing category, surpassed only by Ethereum layer 2s. However, when meme coins were taken into account, AI tokens secured the third-best performing category.
The data for this observation was sourced from a Dune Analytics dashboard The report identified six coins as ‘AI tokens’ comprising:
- SingularityNET (AGIX)
- Cortex (CTXC)
- Fetch (FET)
- Ocean Protocol (OCEAN)
- Oraichain (ORAI)
- Render (RNDR)
These tokens collectively experienced a notable price increase of 185% over the three months.
AI tokens demonstrated superior performance compared to major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) in 2023. Bitcoin ended the year [2023] with a 150% increase, while Ether gained by 44%. In contrast, the researchers highlighted that the one-year performance of AI tokens varied from 200% to as high as 650%.
Top five AI coins in terms of market cap significantly outperformed BTC and ETH in 2023, culminating in gains ranging from 200% to as high as 650%- Within this cohort of AI coins, the standout performer in 2023 was Fetch, exhibiting a remarkable price increase of 659% for the year [2023]. As per its documentation, Fetch operates as a blockchain network facilitating AI programs referred to as ‘Agents’ and incorporates a marketplace for AI services.
- Following closely, SingularityNET secured the second-highest rate of return among these coins, boasting a 616% gain for 2023. SingularityNET positions itself as an AI services marketplace on the Ethereum network, with plans to expand to other networks in the future.
- Additional noteworthy gains among AI tokens encompassed Ocean Protocol, which saw an increase of 215%, and
- Bittensor (TAO) achieving a gain of 191%.
Blockchain-based decentralized physical infrastructure networks (DePIN) and AI will form a formidable ‘power duo’ in 2024.
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