In 2024, AI-related coins have shown a significant increase in value, with a combined return of 76% since the beginning of the year. The Artificial Intelligence (AI) coins market saw a 7% surge in just one day, pushing the market cap to an impressive $19.8 billion within a 24-hour period. Renowned entrepreneur and Bitcoin investor, Lark Davis, highlighted that AI coins have been the top-performing cryptocurrencies in 2024, outshining other digital assets. Tokens such as Worldcoin, Fetch.AI, and SingularityNET have been at the forefront of this bullish trend, experiencing notable surges in value over the past few weeks.
Worldcoin, a project focused on creating a vast identity and financial network for a billion users, has seen its WLD token skyrocket by a remarkable 222% over the last four weeks. The coin reached an all-time high of $9.449 on February 25 before facing a setback due to a lawsuit filed by Elon Musk against OpenAI. SingularityNET’s AGIX token has been steadily approaching the $1 mark on the weekly chart, marking five consecutive weeks of positive growth. With a 218.5% increase over the past month, the coin is currently trading at $0.85, showing strong momentum in the market.
Fetch.AI’s FET token has also been on an upward trajectory, hitting an all-time high of $1.66 on March 1. The coin saw an impressive 191% surge in value over the last month, reflecting the growing interest in AI-related projects. CoinGecko data indicates that some of the largest gainers in the AI coin market include Balance AI, Octavia, and Chacedot, with gains of 31.1%, 36.8%, and 26.4%, respectively, in the last day.
The recent surge in AI coins can be attributed to various factors such as the launch of OpenAI’s Sora and the announcement of multi-trillion dollar raises by Sam Altman. NVIDIA’s earnings exceeding expectations also played a significant role in boosting the market, leading to a $272 billion increase in its market value in just one day. NVIDIA’s pivotal role in AI development through chip production has had a positive impact on the AI crypto market, driving further growth and investor interest in AI-related projects.
While AI-related coins have been dominating the market, meme coins like Bonk (BONK), Shiba Inu (SHIB), and Dogecoin (DOGE) have also experienced notable gains in recent weeks. Despite a 30% decline from its peak, Bonk rallied by over 100% in February, recovering losses from January. SHIB and DOGE saw increases of nearly 40% and 45% respectively over the past week, contributing to the overall growth of the meme coin market. The meme coin market cap reached $33.6 billion with an 8% rise in the last day, driving gains for new emerging tokens like Baby Shiba Inu and Turbo, which saw spikes of over 100% in value this week.
Overall, the surge in AI-related coins in 2024 reflects the growing interest in artificial intelligence technologies and their potential applications in various sectors. With continued developments and innovations in the AI space, these coins are likely to remain in the spotlight as key players in the crypto market.