The year 2024 has been quite promising for AI-related coins, with a combined return of 76% since the beginning of the year. The Artificial Intelligence (AI) coins market has witnessed a significant increase of 7% in just a day, pushing the market cap to a staggering $19.8 billion within the last 24 hours. Renowned entrepreneur and Bitcoin investor, Lark Davis, highlighted that AI coins have outperformed other cryptocurrencies in terms of returns this year. Tokens like Worldcoin, Fetch.AI, and SingularityNET have all experienced substantial surges in recent weeks, contributing to the bullish trend in the market for AI-based coins.
Several AI tokens have seen double-digit gains during this period of market exuberance. Worldcoin, for example, a project aiming to create a massive identity and financial network reaching a billion users, witnessed a remarkable surge of 222% in the last four weeks. The WLD token of Worldcoin reached an all-time high of $9.449 on February 25, before facing a setback due to a recent lawsuit filed by Elon Musk against OpenAI.
Similarly, SingularityNET’s AGIX token is steadily approaching the $1 milestone, marking its fifth consecutive week of positive growth. The coin has surged by 218.5% over the last month, standing at $0.85 at present. Fetch.AI’s FET token is also experiencing a significant bullish trend, hitting its all-time high of $1.66 on March 1. Fetch.AI has witnessed an impressive 191% increase over the last month.
The surge in AI coins can be attributed to various factors, including OpenAI’s Sora launch and the announcement of multi-trillion dollar raises by Sam Altman. NVIDIA, a key player in the AI development space through chip production, also reported earnings that surpassed expectations. This success led to a massive $272 billion increase in NVIDIA’s market value in a single day, positively impacting the AI crypto market. The overall crypto market cap has now surpassed $2.4 trillion, reclaiming its position before the FTX crash.
On the other hand, meme coins have been experiencing a rollercoaster ride in recent weeks. Despite a 30% decline from its peak, Bonk (BONK) managed to rally by over 100% in February, recovering losses from January. Shiba Inu (SHIB) and Dogecoin (DOGE) have also seen significant gains, rising by almost 40% and 45% respectively over the past week. The meme coin market, as a whole, has witnessed an 8% increase in the last day, reaching a market cap of $33.6 billion.
The rapid surge in meme coins has also led to substantial gains for newly emerging meme tokens, with Baby Shiba Inu and Turbo experiencing spikes of over 100% in value within a week. The volatile nature of meme coins continues to attract both investors and speculators, adding an element of excitement and unpredictability to the cryptocurrency market.
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