AI cryptocurrencies have almost vanished from the trending list, but the hype remains strong as coins like Turbo, Spectre AI, and many others experience significant growth.
The Rise of AI in the Crypto Industry
Artificial Intelligence (AI) is a recent addition to the crypto world, with multiple profitable AI crypto coins being launched. These AI cryptos leverage AI technology to enhance blockchain features, including scalability, security, and decentralized governance.
One of the primary drivers behind the growing hype for these AI-infused cryptocurrencies is the integration of AI trading bots. However, there are concerns that the hype may be waning due to limited expansion potential for these coins. Additionally, meme coins are currently dominating the market.
Is the AI Crypto Hype Dead?
The hype for AI cryptos began in late 2022 when OpenAI introduced ChatGPT. The development of AI technology spurred demand for AI cryptocurrencies. Despite their initial popularity, the limited abilities and features of these coins constrained their profits.
The demand for AI cryptocurrencies often spikes with new developments in the AI industry. For instance, the launch of SORA, a text-to-video generation AI tool in early 2024, caused a significant surge in AI cryptos. During this period, Big Data Protocol grew by 4000%, AGIC rose by 669.15%, and GNY increased by 946% within a month.
While the demand for AI tokens has not died, they have declined alongside other cryptocurrencies during market corrections. Analysts predict that AI tokens will reach new peaks when the market stabilizes.
Despite market fluctuations, investor interest in AI crypto remains high. One investor, Tony, stated that AI crypto is among his top investment choices.
How Are the Best Performing AI Cryptos Doing Today?
The overall market cap of AI cryptocurrencies has dropped by 5% in the last 24 hours, with trading volume also declining by 7%. However, many AI coins remain bullish and have shown significant gains in recent days. Notable examples include Turbo, Spectre AI, Only1, and Image Generation.
Conversely, some of the most popular AI cryptocurrencies have experienced declines. At the time of writing, Near Protocol is trading at $7.68 after a 3% drop, Render (RNDR) is down by 4% to $10.11, The Graph is at $0.23 following a 4.4% decline, Fetch.ai has fallen by 7% to $2.31, and Injective is down 8.87% to $25.06.
Final Thoughts
Like any other cryptocurrency, the trends and demand for AI tokens fluctuate. Although popular AI cryptocurrencies like Fetch.ai, Injective, and NEAR are down today, the rise of Turbo, Spectre AI, and Only1 indicates that AI cryptos still hold a significant presence in the market.
