AI Coins Outperforming in 2024
AI-related coins have shown impressive performance this year, with a combined return of 76% since the beginning of 2024. The market cap for Artificial Intelligence (AI) coins has reached $19.8 billion in the past 24 hours, experiencing a 7% increase.
Lark Davis Identifies AI Coins as Top Performers
Lark Davis, an entrepreneur and Bitcoin investor, has highlighted that AI coins have delivered the highest returns among cryptocurrencies in 2024. He shared on Twitter that AI coins collectively achieved a 76% return since the start of the year.
Notable Surges in AI Tokens
Several AI tokens have experienced significant surges recently, contributing to the bullish trend in the market for AI-based coins. Some notable examples include:
- Worldcoin: The WLD token of Worldcoin, which aims to create a vast identity and financial network with a billion users, has seen a remarkable bull run over the past four weeks. It surged by 222% and reached an all-time high of $9.449 on February 25. However, a lawsuit filed by Elon Musk against OpenAI has affected its momentum.
- SingularityNET: The AGIX token of SingularityNET is steadily approaching the $1 milestone in the weekly chart. It has achieved five consecutive weeks of positive growth, with a 218.5% increase over the last month. Currently, it trades at $0.85.
- Fetch.AI: Fetch.AIโs FET token is also experiencing significant bullish momentum and is currently trading at its all-time high of $1.66 on March 1. Over the last month, it saw a 191% increase.
According to data from CoinGecko, the largest gainers among AI coins include Balance AI, Octavia, and Chacedot, which have seen increases of 31.1%, 36.8%, and 26.4%, respectively, in the last day.
Factors Driving the Surge in AI Coins
The surge in AI coins can be attributed to several factors:
- OpenAIโs Sora Launch: The launch of OpenAIโs Sora platform has had a positive impact on the AI crypto market.
- Proposed Multi-Trillion Dollar Raises by Sam Altman: The announcement of proposed multi-trillion dollar raises by Sam Altman has generated excitement and interest in AI-related investments.
- NVIDIAโs Earnings: NVIDIAโs earnings exceeded expectations, resulting in a significant increase of $272 billion in its market value in just one day. NVIDIA plays a crucial role in AI development through chip production, and this success has had a positive ripple effect on the AI crypto market.
Meme Coins Thriving
The overall crypto market cap has surpassed $2.4 trillion, recovering its previous level before the FTX crash. While some top meme coins have experienced declines from their peaks, they have still shown notable gains:
- Bonk (BONK): Despite a 30% decline from its peak, Bonk has rallied by over 100% in February, successfully recovering losses incurred in January.
- Shiba Inu (SHIB) and Dogecoin (DOGE): Both Shiba Inu and Dogecoin have seen significant gains, rising by nearly 40% and 45% over the past week, respectively.
The meme coin market has witnessed an 8% increase in the last day, reaching a market cap of $33.6 billion. This surge has also led to substantial gains for emerging meme tokens like Baby Shiba Inu and Turbo, which have experienced spikes of over 100% in value this week.
Hot Take: AI Coins Leading the Way
AI coins have emerged as the top performers in the crypto market in 2024, with impressive returns and a growing market cap. The surge in AI tokens can be attributed to various factors such as the launch of OpenAIโs Sora platform, proposed multi-trillion dollar raises by Sam Altman, and NVIDIAโs strong earnings. On the other hand, meme coins continue to thrive, with notable gains seen in Bonk, Shiba Inu, and Dogecoin. The crypto market remains dynamic and offers opportunities for investors interested in both AI coins and meme tokens.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.