Artificial Intelligence (AI) Tokens: Why They’re Up More Than 45% This MonthFeb 20, 2023, 11:49PM
AI tokens saw significant gains in February. Which tokens benefited the most — and will the trend last? Let's take a look.
Artificial intelligence (AI)-powered services like ChatGPT are currently making headlines. This news has given a boost to various cryptocurrency tokens.
What Are the Top AI Tokens?
Several leading AI-related crypto tokens have seen gains over the past 30 days, and many gained 45% or more on their market value in early February.
- The Graph (GRT) is up 103%. The Graph is a platform that uses AI to index data from blockchains like Ethereum and make that data searchable.
- SingularityNET (AGIX) is up 89%. SingularityNET is a service that allows users to build and monetize AI services. It has worked closely with Cardano.
- Render Token (RNDR) is up 152%. Though it is primarily a cloud GPU rendering service, Render makes use of AI for art generation.
- Oasis Network (ROSE) is up 48%. Oasis Network has partnered on artificial intelligence engineering with companies including Facebook parent Meta.
- Fetch.ai (FET) is up 55%. Fetch.ai got its start on Binance's Launchpad and aims to develop a network of “autonomous economic agents” and a data marketplace.
- Ocean Protocol (OCEAN) is up 45%. Ocean Protocol provides a data marketplace, including a way to buy and sell datasets for AI training.
Other related tokens can be seen CoinGecko's AI category.
Why Are AI Tokens Up This Month?
The above AI-related tokens have all outperformed top cryptocurrencies. By comparison, Bitcoin was up just 8.9% over the past 30 days at the time of writing. Ethereum was up 5.0% during the same time frame.
Although AI-related tokens may have gained value on their own merits, widespread mainstream coverage of AI developments has likely helped as well.
ChatGPT, which is at the forefront of the trend, is now open to the public. Its sudden popularity has prompted discussions about its legitimate uses and possible challenges. Meanwhile, Microsoft Bing’s AI, Sydney, has been met with controversy and backlash.
It remains to be seen whether mainstream and cryptocurrency-related AI projects will retain their popularity or become a passing fad. Even if today's technologies fade from view, the next generation of developments could continue the trend.
The value of AI tokens will likely be effected by the broader crypto market as well. Though this month's relatively stable market seemed to have little impact, a sudden market crash or rally could drive the value of AI tokens up or down.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.