Best-Performing AI Tokens in 2024
Explore the rising trend of AI-based tokens in the cryptocurrency market and our top pick of the best-performing AI token is our article.
Why AI Tokens Are Surging in February?
In February the cryptocurrency market witnessed a significant surge in the value of AI-based tokens. This positive trend in AI tokens is mainly due to Nvidia's outstanding financial results for the fourth quarter, which were beyond expectations.
Nvidia revealed on Wednesday that its earnings per share for the last quarter reached $5.16, which surpassed the estimate of an average of $4.59 per share, according to analytical tool FactSet. Moreover, the company achieved a revenue of $22.1 billion, surpassing the expectations of Wall Street, which stood at $20.4 billion.
Another crucial event that contributed to the growth of AI tokens was the introduction of OpenAI’s new video tool, Sora, on the 19th of February. Sora is a cutting-edge development in generative AI technology, capable of converting written descriptions into photorealistic video content.
Following its launch, Wordcoin —a project co-started by OpenAI CEO Sam Altman—reached a new peak price of $7.95, with its market capitalization momentarily going beyond the $1 billion mark. The currency experienced a more than 140% increase in the week after the announcement, as its daily user count crossed the one million mark.
The fuss around Sora and Nvidia's financial achievements also positively impacted the broader crypto market, particularly favoring AI-focused tokens. These tokens experienced price increases, with some showing up to a 20% growth in a single day. Similar patterns were observed in 2023, amidst the widespread adoption of the AI chatbot ChatGPT and Nvidia's record stock performance. During this time, blockchain projects that involved AI in some manner emerged as some of the most attractive investment opportunities in the crypto domain.
In this article, we aim to present our list of the top-performing AI tokens in 2024.
#1 - Worldcoin (WLD)
Worldcoin was co-created by OpenAI founder Sam Altman and thus often associated with AI-related projects. This platform aims to equip every individual globally with a reliable method to authenticate their humanity, distinguishing real users from bots or AI constructs. The Worldcoin infrastructure is built around three key elements: the World ID for identity verification, the World App for user interaction, and the Worldcoin (WLD) tokens for transactions within the ecosystem.
The uniqueness of Worldcoin lies in its use of iris scanning technology to generate secure and unique identification codes for individuals. These codes are recorded on a blockchain, ensuring they are tamper-proof and cannot be replicated or misused for fraudulent activities.
As of now, the WLD token is being traded at $7.37 USD, reaching a market capitalization of approximately $1 billion. The token has experienced a remarkable surge, appreciating by nearly 220% in the last month.
Source and Copyright: TradingView
#2 - SingularityNET (AGIX)
SingularityNET is a blockchain-based ecosystem offering a decentralized AI marketplace, enabling users to produce, distribute, and earn from AI services. SingularityNET's goal is to create a global, open-source, and democratic AI ecosystem, where developers can collaborate and access AI algorithms and services without the need for intermediaries through its worldwide AI marketplace.
The platform uses AGI tokens to facilitate transactions within the network. These tokens are used to hire AI services available on SingularityNET, allowing for seamless and efficient exchange between users and AI developers. By leveraging the blockchain, SingularityNET enables users to access a diverse range of AI services, from machine learning to data analysis, in a decentralized and trustless environment.
Currently, the AGIX token is valued at $0.671094 USD, with a market capitalization of $843,294,954 USD, marking an impressive gain of over 151% in the past month.
Source and Copyright: TradingView
#3 - FetchAI (FET)
Fetch.ai is a decentralized network designed to connect autonomous agents using AI and machine learning for collaborative problem-solving across various industries.
Fetch.ai is can be used to to help people automate everyday tasks such as booking a parking space or a flight.
Founded in 2017, it aims to democratize AI access, allowing users to deploy digital agents for tasks ranging from DeFi to transportation without centralized control. Agents on Fetch.ai can negotiate, share data, and enhance collective intelligence, leveraging blockchain for secure interactions. Fetch.ai's ecosystem includes a unique token, FET, used for governance, staking, and platform fees, fostering an environment of innovation and participation.
FET is now trading at 1,09 USD and has a market cap of $907 988 105 USD. The token has increased by nearly 84% over the last month.
Source and Copyright: TradingView
#4 - Render Network (RNDR)
The Render network is a decentralized platform that uses the excessive computational power of crypto miners, who offer their graphics processing units (GPUs) for rent. It establishes a connection between those providing GPU resources and creators in need.
Utilizing the RNDR token, the network encourages active participation through a flexible pricing strategy that varies with the complexity of the job, its urgency, and the availability of resources. This setup enables artists to utilize these available GPU cycles for various tasks, such as rendering and streaming digital content, encompassing visual effects, virtual assets, and AI-driven projects.
Render Network sets itself apart with sophisticated matchmaking algorithms and secure validation processes, ensuring both top-notch rendering quality and transaction security across the platform.
The RNDR token plays a crucial role in compensating GPU providers fairly. Currently, the Render (RNDR) token's market price is $7.41, boasting a market capitalization of $2.8 billion. Over the last month, RNDR experienced an 87% growth.
Source and Copyright: TradingView
#5 - The Graph’s (GRT)
The Graph Protocol is a decentralized platform that enables efficient querying of blockchain data using AI. It serves as an infrastructure for dApps by indexing data from blockchains like Ethereum and organizing it into open APIs known as subgraphs. Developers can then query these subgraphs using GraphQL to retrieve the data needed for their applications quickly and efficiently. The Graph is often referred to as the Google of blockchain.
The protocol's economy is powered by the GRT token. Node operators, or Indexers, stake GRT to index data and process queries, earning fees and rewards. Curators signal valuable subgraphs by staking GRT, while Delegators contribute by delegating GRT to Indexers. This model incentivizes the maintenance of a high-quality, efficient data service network.
GRT is currently trading at $0.2826 and has a total market cap of $2.6 billion. The token has gained over 80% within the past month.
Source and Copyright: TradingView
Final Words
In recent times, the cryptocurrency market has seen a remarkable surge in AI-based token values, significantly influenced by Nvidia's exceptional fourth-quarter results and the debut of OpenAI's Sora. This trend has underscored the vast potential and growing interest in blockchain projects integrated with AI. Key examples include Worldcoin, SingularityNET, Fetch.ai, Render Network, and The Graph Protocol, each demonstrating the varied applications of AI in blockchain technology enhancements. As these innovations advance, AI tokens are emerging as a vibrant area for development, offering new solutions and opportunities within the digital economy.
