Top 3 AI Cryptocurrencies for 2024: Smart Money’s Favorite Picks
In 2023, AI-focused crypto gained attention with the rise of generative AI chatbots. Now, both smart money and retail investors are on the lookout for promising AI cryptocurrencies that could lead the upcoming bull market rally.
Autonolas (OLAS): Why Smart Money is Accumulating
As AI stocks performed well in 2023, there’s an expectation that AI crypto will follow suit. Arthur Hayes and other crypto pioneers believe that decentralization is crucial for AI to thrive. Analyst Sandra Leow highlighted Autonolas as an example, emphasizing its focus on automation, oracles, and co-owned AI.
The utility token of the Autonolas network, OLAS, has seen a significant increase in smart money holdings. Nansen analyst Martin Lee reported a rise from 14 smart money holders and 939,000 tokens to 35 holders and 1.87 million tokens.
Volatility and Low Market Capitalization
Despite OLAS’s popularity among smart money, its micro-market capitalization of $250 million makes it highly volatile and susceptible to price manipulation. Additionally, few centralized exchanges have listed OLAS due to the associated risks.
Fetch.AI (FET) Gains Favor with Smart Money
Another AI project attracting smart money is Fetch.AI (FET), which focuses on building a machine-learning ecosystem. FET tokens serve as incentives for using and offering services within this ecosystem. Like Autonolas, Fetch.AI provides AI agents to help users find suitable services.
FET has experienced a significant rally since August 2023, with a market capitalization of $762 million. It broke through long-term resistance at $0.61 and may reach a new all-time high in 2024.
AI-Powered On-Chain Analysis
On-chain analytical skills are not only used to track smart money movement but also to identify illicit activities in the crypto ecosystem. Arkham (ARKM) is an AI and data science tool that enables tracking of well-known wallets and criminal activities.
ARKM employs the Intel-to-Earn economy, where users exchange on-chain intelligence using ARKM tokens. This incentivizes community members to track criminals and minimize losses caused by exploits.
Hot Take: AI Continues to Grow, But Other Narratives Await
While AI is expected to have a strong presence in 2024, there are also high hopes for other narratives such as Real World Assets (RWA) and Game Finance (GameFi). The crypto community anticipates significant performances from these sectors throughout the year.
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