The Latest Performance of AI Tokens in the Crypto Market
Following the rise of the META token, AI tokens have seen significant price increases, further fueling the already hot trend. The Computing Select Index (CPUS) offered by Coindesk has experienced a 9.90% increase in the last 24 hours, reaching new all-time highs. The index includes prominent AI tokens such as Chainlink, Filecoin, Render, The Graph, and Fetch.ai.
CPUS has grown by almost 200% against the dollar compared to January 2023, indicating a growing interest in oracles, shared storage, private computing, and shared networks.
In the “Top AI & Big Data” category on CoinMarketCap, there has been an overall increase in market capitalization of 11.48% to $25 billion in the last 24 hours. Tokens like ICP, AKT, ROSE, RNDR, INJ, NEAR, GRT, TETHA, and AGIX have shown promising gains.
Lesser-known AI projects have also seen double-digit gains in the past week. Tokens like LIKE, VR, and ABT have experienced substantial increases.
Meta’s Quarterly Results Push the Stock Up by +16% in Pre-Market
The rise of AI cryptographic tokens could be attributed to the trust that Meta investors are placing in the tech company. Meta has shifted its focus to artificial intelligence after its previous bet on the metaverse industry resulted in losses.
In Q4 2023, Meta reported a tripled net profit of $14 billion compared to the same period in the previous year. This growth was driven by advancements in artificial intelligence and advertising revenue.
As a result of its strong quarterly results, Meta’s stock has grown by an impressive 16.90% in Nasdaq’s pre-market, reaching $461 per share.
Meta plans to continue investing in AI and will likely contribute to the growth of AI-related cryptographic tokens. The company has also reduced its annual expenses and announced a $50 billion buyback, further boosting investor confidence.
Hot Take: The Rise of AI Tokens Signals a Promising Future
The recent surge in AI tokens in the crypto market, fueled by Meta’s focus on artificial intelligence and strong quarterly results, indicates a promising future for this sector. With advancements in AI technology and the launch of innovative products, the AI token sector is expected to experience significant growth in 2024.
Investors are increasingly interested in AI projects, as seen through the rise in market capitalization and trading volumes of AI tokens. As companies like Meta continue to invest in AI and drive technological advancements, the potential for further gains in the AI token market remains high.
Source: The Cryptonomist
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