AI coins: Crypto assets to watch out for
AI coins have taken over the crypto market in 2023 due to the extensive patronage of artificial intelligence tools.
The launch of OpenAI's ChatGPT in November 2022 and the use of AI in many aspects of our lives have cast a positive aura around cryptocurrencies backed by AI products.
Google parent company Alphabet Inc., Meta Platforms Inc., the holding company of Facebook, and others, such as NVIDIA, have benefitted massively from the patronage of AI-related services. This has led to a substantial rise in their respective stock prices.
While memecoins, metaverse tokens, and big data tokens have also profited from the rebounding of the market this year, AI tokens have brought above-average returns for millions of traders.
Below, we look at some of the top AI coins crypto markets offer and their potential in the saturated cryptocurrency space.
AI coins crypto: What are the top assets?
You may have come across the total market capitalization for AI tokens. Unfortunately, all the major crypto tracking portals, like CoinMarketCap, CoinGecko, and others, have combined AI coins with big data tokens.
As of 12:00 UTC on 16 August, 2023, the combined market capitalization for AI and big data tokens was approximately $4.6 billion.
While you will come across names such as The Graph (GRT), Render (RNDR), Injective (INJ), and Ocean Protocol (OCEAN), they are big data tokens. Some of them even qualify as Metaverse tokens.
With this clarity in mind, you should know that examples of tokens powered by artificial intelligence include SingularityNET (AGIX), Fetch.ai (FET), AiDoge (AI), Image Generation AI (IMGNAI), Akash Network (AKASH), and Artificial Liquid Intelligence (ALI).
SingularityNET (AGIX) is the top-ranked coin
According to CoinMarketCap, SingularityNET is a platform powered by blockchain technology that allows people across the globe to share, create, and make money out of services related to the growing artificial intelligence sector.
Its native asset AGIX plays an essential role in overseeing activities in the project’s ecosystem.
SingularityNET is not one of the projects that solely relies on positive market sentiment to rise in price.
Its price drivers come from partnerships, most recently with Charles Hoskinson’s Cardano, which led to a spike in the price of AGIX.
As a low-cap digital asset by market cap, AGIX was exchanging hands for $0.2024, continued to see at least $10 million as a daily trading volume in August, and had a fully diluted market capitalization of approximately $248 million.
According to analysts at Digital Coin Price, a platform that combines fundamental with technical analysis, AGIX could have a trading price of $0.44 by the end of 2023 and retest the $1 mark in the long term.
Fetch.ai (FET) is among the tokens to keep an eye on
Fetch.ai is the project behind FET. Fetch.ai tagged itself as an artificial lab when it joined the sector, and the protocol is used to build a decentralized machine-learning network that is permissionless and open. It continues to play a strong role in the crypto economy.
Like SingularityNET's AGIX, FET's price is bolstered by major activities in its ecosystem, such as the new partnership with Ocean Protocol, where Fetch.ai's technology will be sourced to help form a secure and privacy-preserving data exchange on the Ocean marketplace.
As of writing, FET had a price of $0.2023, had seen a 24-hour trading volume of $33 million, and had a fully diluted market capitalization of $233 million.
Many experts believe that an expansion of the project’s ecosystem could lead to an exponential rise in the price of this crypto asset.
According to David Cox at CryptoNewsZ, FET could reach the maximum price of $0.59 by the close of 2023, $0.79 by the year’s end of 2025, and surpass its all-time high (ATH) price of $1.19 in September 2021.
AI coins crypto: The other tokens
Largely ignored by millions of traders, Akash Network is one of the few AI-powered tokens that have been able to cross $1.
In May, the development team behind the protocol added chatbot applications such as TerminalGPT, BabyAGI, and Auto-GPT.
The launch of more applications with a great user base could result positively in the fortunes of the digital asset.
As of 12:00 UTC on 16 August, AKT, the native asset behind the project, was exchanging hands for $1.17, had a 24-hour trading volume of $2.6 million, and had a fully diluted market capitalization of approximately $455 million.
AKT is forecast to reach the maximum price of $2.57 by the close of 2023, $4.20 (2025), and $12.27 by the end of 2030.
While these virtual currencies show great potential in the AI coins crypto market, you should embark on thorough research before investing your hard-earned money in them.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.