As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of trends come and go in the cryptocurrency market. The hype surrounding AI cryptos was indeed significant last year when OpenAI introduced ChatGPT and the demand for these coins skyrocketed. However, like any other crypto trend, it is not uncommon to see a correction in the market following a period of intense growth.
As a crypto investor, I’m excited about the latest development in the industry – Artificial Intelligence (AI) coins. Unlike traditional cryptocurrencies, these innovative assets integrate AI technology into their systems. For me, this means enhanced features for blockchain technology, such as improved scalability, security, and decentralized governance. In essence, AI is revolutionizing crypto by making it smarter and more efficient.
As a crypto investor, I’ve noticed an intriguing trend in the market: many cryptocurrencies now incorporate AI trading bots within their framework. The excitement surrounding these AI-driven coins has been palpable, fueled largely by this innovative technology. However, the buzz seems to be fading as it becomes clear that the growth potential for some of these coins may be limited. Moreover, meme coins have taken center stage in the crypto market lately, capturing the majority of the attention and investment.
In this blog, let us discuss whether the hype of AI cryptos is dead or not.
Is AI Cryptos Hype Dead?
In the final months of 2022, excitement surrounding AI Cryptos surged as Open AI unveiled ChatGPT. The advancements in artificial intelligence led to increased interest in digital currencies with AI capabilities. Yet, potential returns were modest due to their restricted functionalities and features.
It’s intriguing how the value of cryptocurrencies focused on artificial intelligence (AI) surges in response to significant developments and announcements in the AI sector. For instance, when ChatGPT was unveiled, there was a notable increase in the price of AI-centric cryptos. Likewise, with the emergence of SORA, a cutting-edge text-to-video AI generation tool, in early 2024, AI cryptos experienced another wave of growth. The excitement peaked around late January and early February, leading to substantial price increases for some AI cryptos such as Big Data Protocol (up by 4000%), AGIC (up by 669.15%), and GNY (up by 946%) within a single month.
The interest in these AI tokens hasn’t waned, but due to the recent market adjustments, their value has dipped, much like with other digital currencies. However, experts predict that the price of AI tokens will surge once the market recovers its balance in the near future.
Additionally, Tony expressed strong interest in AI cryptocurrencies as a prime investment choice, generating equal excitement among investors.
#AI remains one of my top sectors to invest in .. Still early IMO
— Crypto Tony (@CryptoTony__) May 24, 2024
How The Best Performing AI Cryptos Performed Today?
In the past 24 hours, the total market capitalization of artificial intelligence (AI) cryptocurrencies has decreased by approximately 5%. Similarly, trading volume has taken a hit, dropping around 7%. Despite this downward trend, several AI coins have experienced significant gains recently. Some notable examples are Turbo, Spectre AI, Only1, and Image Generation.
Instead of “In contrast,” you could say “On the other hand,” or “However,” to introduce that the best-performing or most popular cryptocurrencies such as Near Protocol, RNDR, The Graph, Fetch.ai, and Injective have experienced a decline today. At present, Near Protocol is priced at $7.68 following a 3% decrease. Render (RNDR) has dropped by 4%, and its current price is $10.11. The Graph is trading at $0.23 after experiencing a 4.4% decline. Fetch.ai has gone down by 7% and is now valued at $2.31. Lastly, Injective has dropped by 8.87%, resulting in a current price of $25.06.
Final Thought
Just as with other cryptocurrencies, the fortunes of AI tokens can shift rapidly due to market trends and demand. Today, for instance, some well-known AI cryptocurrencies such as Fetch.ai, Injective, and NEAR are experiencing downturns. Conversely, Turbo, Spectre AI, and Only1 are currently on the rise, underscoring the continued significance of AI cryptos within the wider market.
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2024-05-24 16:45